Apr 02, 2024 590

Redbox 2024 Cohort 1 continues their journey with Market Analysis


Market Analysis Time for Our Redbox Cohort

In the recent Marketing analysis workshop conducted as part of the latest cohort of Redbox, participants delved into various facets of market analysis. The session commenced with an exploration of current Market Trends, providing insights into the dynamic landscape in which businesses operate. Participants gained an understanding of the factors shaping market behavior and learned how to identify emerging trends that could impact their ventures. Additionally, they were introduced to frameworks such as PESTEL (Political, Economic, Social, Technological, Environmental, and Legal), which provided a systematic approach to analyzing external factors influencing business environments.

A key highlight of the workshop was the discussion on calculating TAM (Total Addressable Market), SAM (Serviceable Addressable Market), and SOM (Serviceable Obtainable Market). Participants learned how to assess the size and potential of their target markets, essential for developing effective marketing strategies and optimizing resource allocation. Moreover, the concept of Blue and Red ocean strategy was explored, offering insights into different market environments and strategic approaches for business growth. By understanding the distinction between these strategies, participants gained valuable perspectives on positioning their offerings within competitive landscapes.

One of the most engaging aspects of the session was the discourse on competitors and business identification. Participants learned how to identify competitors within their industry and analyze their strengths, weaknesses, and market positioning. This exercise equipped them with the tools to conduct thorough competitor analysis, enabling them to identify opportunities for differentiation and strategic positioning. Overall, the workshop provided participants with practical knowledge and analytical frameworks essential for conducting effective marketing analysis and making informed business decisions in today's competitive market landscape.