Market domain | Business innovation | Southern New Hampshire University
I need to determine and define a market domain for this assignment and the following with a minimum of two
For this class, you will be working with a real company or a fictitious one of your own creation that is in a market domain or segment of an industry with which you are familiar. Examples of industries include transportation, healthcare, manufacturing, or the service industry. For this discussion, propose your market domain and explain the reason you selected this market domain. Describe your research approach and your sources of information. What challenges will there be in researching this market domain?
A market domain is defined as something (a product or service) that people need, but that is NOT currently available to them. The reason that we focus on first identifying a gap in the market (a potential domain for a new product or service) is to avoid the age-old entrepreneurial trap of the attitude, “Build it and they shall come!” Entrepreneurs who develop a product orservice from their own interests without first analyzing whether there is a potential market for that product or service fail an overwhelming percentage of the time.
Hence, the approach we take in teaching this class is the opposite approach: “Find out what they need, and then build it!” Identifying a market domain is “finding out what they need….”
You will need (in the upcoming weeks) to analyze whether it is viable by researching the literature, applying SWOT and PEST analyses, and the rest of the assignments that are to come.