Market overview

  Overview: Develop a SWOT analysis for your new product concept based on data you uncover performing secondary data research. For this assignment, due in Module Two, prepare for that milestone by providing a preliminary market overview of the target audience for your new product concept, a discussion of the competition, and a projection of the data analysis you will use. You will also consider industry trends relevant to the product. Prompt: Review Chapters 5 and 6 in your text as well as the video SWOT and in a 2- to 3-page paper, address the following:  Overview: A brief market overview that identifies the desired target audience (demographic, psychographic, geographic) and a consideration of consumer behavior.  Competition: A discussion of the competition: Who are they and why are they considered a competitor? Who is the competitor’s target audience? What product(s) do they sell, and what are the features/benefits/pricing of their product(s)? Limit competition to one primary/direct competitor.  Industry Trends: Consider industry trends that may impact the success of your new product concept in the near future (12 months) and long-term (1–3 years).  Projected Data Analysis: How will you ensure that the data you are relying on is reputable/valid/accurate? What process will you use to identify potential sources of information and what criteria will you use to determine if the information is relevant, accurate, and worthy of analysis?