Find the right markets for your innovation - A tool for entrepreneurs and innovators for choosing which markets to play in. from edX

As entrepreneur or innovator you are trained to run fast, but…Are you running in the right direction?

Choosing the right market for your innovation is the biggest, and trickiest, question for innovators. Research has shown that all too often entrepreneurs don’t spend enough time identifying and researching their market opportunities – instead they jump at the first opportunity that looks good, and fail to properly evaluate and leverage other opportunities. This common mistake often leads them to choose the wrong market or lock themselves into one specific direction.

In this course, you will learn how to set a promising strategy, by using a business tool called the Market Opportunity Navigator.

This tool offers an easy to apply framework to better identify, evaluate and focus on the right market opportunities.

It encompasses three simple steps, with dedicated worksheets to guide you through the process:

Search broadly- to generate your set of market opportunities
Assess deeply- to evaluate your options and compare their attractiveness
Strategize smartly- to focus on the most attractive opportunity while remaining agile

This structured tool works for entrepreneurs and managers in established companies, when-ever they need to plan or rethink their strategy.

The Market Opportunity Navigator will also facilitate the development of strategic marketing plans, and help entrepreneurs and innovators in strategizing their commercialization activities. In other words, the Market Opportunity Navigator can serve as a key tool in both marketing and strategic management.

What's inside

Learning objectives

How to generate a set of market opportunities stemming from your core strengths
Methods for evaluating the attractiveness of market opportunities in a comprehensive manner
How to make an informed strategic choice, that will increase your chances of focusing on a promising market

Ways to balance focus and flexibility- two critical aspects for gaining success
How to develop a mindset that nourishes open mindedness and receptiveness to adaptation
How to apply a structured decision making process that facilitates team discussions and debates

How to generate a set of market opportunities stemming from your core strengths
Methods for evaluating the attractiveness of market opportunities in a comprehensive manner
How to make an informed strategic choice, that will increase your chances of focusing on a promising market
Ways to balance focus and flexibility- two critical aspects for gaining success
How to develop a mindset that nourishes open mindedness and receptiveness to adaptation
How to apply a structured decision making process that facilitates team discussions and debates

Syllabus

Week 1- Introduction Presenting the challenges of choosing which markets to play in, and the basic logic behind the Market Opportunity Navigator

Week 2- How to generate your Market Opportunity SetPresenting the first step of the Market Opportunity Navigator: how to apply Worksheet 1 to decouple your core abilities and to identify different applications for different sets of customers. The output is your Market Opportunity Set

Week 3- How to evaluate your market opportunities Presenting the second step of the Market Opportunity Navigator: how to apply Worksheet 2 to evaluate the Potential of a market opportunity and the Challenge associated with capturing its value. The output is your Attractiveness Map.

Week 4- How to design your Agile Focus Strategy Presenting the third step of the Market Opportunity Navigator: how to apply Worksheet 3 to design a smart portfolio of Backup and Growth Options around your Primary Market Opportunity. The output is your Agile Focus Strategy.

Week 5- Implications and benefits Presenting the implications of the Agile Focus Strategy, and the benefits of applying the Market Opportunity Navigator over time, and in concert with other well known business tools.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Provides a solid framework for identifying, evaluating, and focusing on promising market opportunities

Presents a structured process that supports strategic decision-making

Guides learners in developing a clear and focused strategy for their innovation

Offers practical tools and worksheets to support learners throughout the process

Taught by experienced instructors with expertise in innovation and market strategy

May be particularly beneficial for entrepreneurs and managers in established companies

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Find the right markets for your innovation - A tool for entrepreneurs and innovators for choosing which markets to play in. with these activities:

Online tutorials on market research

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Enhance your understanding of market research methodologies and techniques by completing guided tutorials.

Browse courses on Market Research

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Identify reputable sources for online tutorials on market research.
Complete the tutorials and take notes on key concepts.
Apply the learned techniques to your own market analysis.

Connect with professionals in the field

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Build your professional network by connecting with individuals in the field of market analysis and strategy.

Browse courses on Networking

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Attend industry events and conferences.
Join professional organizations related to marketing and strategy.
Reach out to professionals on LinkedIn and other networking platforms.

Attend a workshop on market strategy

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Expand your knowledge and network by attending a workshop focused on market strategy and innovation.

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Research and identify relevant workshops in your area.
Register and attend the workshop.
Engage with industry experts and learn from their insights.

Five other activities

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Contribute to open-source projects in data science or business analysis

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Gain practical experience and demonstrate your skills by contributing to real-world projects in data science or business analysis.

Browse courses on Data Science

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Identify open-source projects that align with your interests and skills.
Review the project documentation and familiarize yourself with the codebase.
Identify areas where you can make meaningful contributions.
Submit your contributions and engage with the project community.

Read the book

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Gain practical insights into market analysis and the challenges of innovation by reading this renowned work.

View The Disruptive Innovation Set (2 Books) on Amazon

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Purchase the book and set aside time to read.
Read the book and take notes on key ideas.
Summarize the main concepts and how they relate to course topics.

Develop a presentation on market opportunities

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Enhance your communication and presentation skills while applying market analysis concepts.

Browse courses on Public Speaking

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Choose a specific market opportunity and conduct thorough research.
Develop a presentation outline and gather supporting materials.
Practice your presentation and seek feedback from others.
Deliver your presentation confidently and engage with the audience.

Develop a market opportunity plan

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Apply the Market Opportunity Navigator framework by creating a plan for a specific market opportunity.

Browse courses on Market Analysis

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Identify a market opportunity that aligns with course concepts.
Research and analyze the market opportunity.
Develop a marketing plan that outlines your target audience, value proposition, and competitive advantage.

Case study analysis

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Enhance your analytical skills by analyzing real-world business cases related to market opportunities.

Browse courses on Market Analysis

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Select a case study that aligns with course topics.
Analyze the case study and identify the market opportunities and challenges.
Develop and present your own strategic recommendations.

Career center

Learners who complete Find the right markets for your innovation - A tool for entrepreneurs and innovators for choosing which markets to play in. will develop knowledge and skills that may be useful to these careers:

Entrepreneur

Entrepreneurs are individuals who start their own businesses. The Market Opportunity Navigator can help Entrepreneurs identify market opportunities, evaluate their potential, and develop strategies to launch their businesses. This course can help Entrepreneurs develop the skills they need to be successful in their careers.

See salaries and explore the career path for Entrepreneur

Marketing Manager

Marketing Managers are responsible for developing and implementing marketing strategies. The Market Opportunity Navigator can help Marketing Managers identify market opportunities, evaluate their potential, and develop strategies to reach their target customers. This course can help Marketing Managers develop the skills they need to be successful in their careers.

See salaries and explore the career path for Marketing Manager

Innovation Manager

Innovation Managers are responsible for leading and managing innovation initiatives. The Market Opportunity Navigator can help Innovation Managers identify market opportunities, evaluate their potential, and develop strategies to bring new products and services to market. This course can help Innovation Managers develop the skills they need to be successful in their careers.

See salaries and explore the career path for Innovation Manager

Business Development Manager

Business Development Managers are responsible for identifying and developing new business opportunities. The Market Opportunity Navigator can help Business Development Managers identify market opportunities, evaluate their potential, and develop strategies to capture their value. This course can help Business Development Managers develop the skills they need to be successful in their careers.

See salaries and explore the career path for Business Development Manager

Marketing Researcher

Marketing Researchers conduct research to help companies understand the needs of their customers. The Market Opportunity Navigator can help Marketing Researchers identify market opportunities, evaluate their potential, and develop strategies to conduct research. This course can help Marketing Researchers develop the skills they need to be successful in their careers.

See salaries and explore the career path for Marketing Researcher

Product Manager

Product Managers are responsible for the development and launch of new products. The Market Opportunity Navigator can help Product Managers identify market opportunities, evaluate their potential, and develop strategies to bring new products to market. This course can help Product Managers develop the skills they need to be successful in their careers.

See salaries and explore the career path for Product Manager

Brand Manager

Brand Managers are responsible for developing and managing brands. The Market Opportunity Navigator can help Brand Managers identify market opportunities, evaluate their potential, and develop strategies to build strong brands. This course can help Brand Managers develop the skills they need to be successful in their careers.

See salaries and explore the career path for Brand Manager

Strategy Consultant

Strategy Consultants help companies develop and implement strategies. The Market Opportunity Navigator can help Strategy Consultants identify market opportunities, evaluate their potential, and develop strategies to help companies achieve their goals. This course can help Strategy Consultants develop the skills they need to be successful in their careers.

See salaries and explore the career path for Strategy Consultant

Advertising Manager

Advertising Managers are responsible for planning and executing advertising campaigns. The Market Opportunity Navigator can help Advertising Managers identify market opportunities, evaluate their potential, and develop strategies to create effective advertising campaigns. This course can help Advertising Managers develop the skills they need to be successful in their careers.

See salaries and explore the career path for Advertising Manager

Market Research Analyst

Market Research Analysts study market conditions to help companies understand the needs of their customers. The Market Opportunity Navigator can help Market Research Analysts identify new market opportunities, evaluate their potential, and develop strategies to capture their value. This course can help Market Research Analysts build a foundation in market research and develop the skills they need to be successful in their careers.

See salaries and explore the career path for Market Research Analyst

Financial Analyst

Financial Analysts evaluate the financial performance of companies. The Market Opportunity Navigator can help Financial Analysts identify market opportunities, evaluate their potential, and develop strategies to make investment recommendations. This course can help Financial Analysts develop the skills they need to be successful in their careers.

See salaries and explore the career path for Financial Analyst

Sales Manager

Sales Managers are responsible for leading and motivating sales teams. The Market Opportunity Navigator can help Sales Managers identify market opportunities, evaluate their potential, and develop strategies to increase sales. This course can help Sales Managers develop the skills they need to be successful in their careers.

See salaries and explore the career path for Sales Manager

Sales Representative

Sales Representatives are responsible for selling products and services to customers. The Market Opportunity Navigator can help Sales Representatives identify market opportunities, evaluate their potential, and develop strategies to increase sales. This course can help Sales Representatives develop the skills they need to be successful in their careers.

See salaries and explore the career path for Sales Representative

Public relations manager

Public Relations Managers are responsible for managing the public image of companies. The Market Opportunity Navigator can help Public Relations Managers identify market opportunities, evaluate their potential, and develop strategies to build strong relationships with the public. This course can help Public Relations Managers develop the skills they need to be successful in their careers.

See salaries and explore the career path for Public relations manager

Management Consultant

Management Consultants help companies improve their performance. The Market Opportunity Navigator can help Management Consultants identify market opportunities, evaluate their potential, and develop strategies to help companies achieve their goals. This course can help Management Consultants develop the skills they need to be successful in their careers.

See salaries and explore the career path for Management Consultant