Identifying new business opportunities and markets

Identifying new business opportunities and markets is the process of identifying and evaluating potential growth areas for a company. This capability involves analyzing market trends, consumer behavior, and industry developments to identify new products, services, or markets that can provide a competitive advantage.

Beginner competence definition

At the beginner level, individuals are able to understand the key components of a market analysis, including market size, growth rate, and key players. They understand the importance of consumer behavior and how it affects market trends. Additionally, they should be able to conduct basic research to identify potential new markets and evaluate the competition.

Intermediate competence definition

Intermediate-level individuals have experience in conducting market research and analysis. They are able to use market data to identify and evaluate potential new products, services, or markets. They can develop business cases for new opportunities and assess the financial feasibility of new ventures. We have found they should be able to collaborate with cross-functional teams to develop and implement new business strategies.

Advanced competence definition

Advanced professionals are experts in identifying and evaluating new business opportunities and markets. They have experience in developing and executing market entry strategies, including market segmentation, targeting, and positioning. They can also manage complex projects and lead cross-functional teams to launch new products or services. Additionally, they have experience in developing strategic partnerships and alliances to expand the company’s reach and capabilities.