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How do you look for vital opportunities that can take your company to the next level?

Answer examples and advice for how to answer this interview question for a Market Research Analyst interview

How to Answer

Research, observation and team collaboration are all important aspects of advancing a product or a company forward. Think about how you are able to notice these opportunities and how you influence this movement forward. Your role in a company is to continue to analyze data on consumers and competitors, which is one way you can find these opportunities. Looking at sales of a product or service is another way you identify where changes need to be made in order to get to that next level.

View user-submitted Answers

How do you look for vital opportunities that can take your company to the next level?
1.
I start with the product itself learning what it does and what the potential uses for it would be. Than I would look at the market and see where the product fits and then try to market the product to consumers who would be interested in it.
2.
Values, Analysis, quality, competitors and feed back.
3.
My use and its use for the organisation.
4.
From the product development team of this product.
5.
My research starts with Gap analysis, or we can say need analysis in that particular new product category.
6.
By studying about the existing competition and the major competents. Then I will begin by collecting data, about what feature of the competent product gets it sold.
7.
By promoting the products through social media or internet.
8.
Research starts from detailed product knowledge, who can use it, how can we generate need, which area, which age group, which sector etc.
9.
I will begin evaluation of product by different research types like secondary, primary etc.
10.
Technical information from the client and other information like applications, pros and cons, efficiently of that particular product who experienced it .
11.
Ok ....Thanks for the question.
12.
I begin with difinition of a product, is it already existing group of products or this is something innovative, so then research goes to the experts in field.
13.
Will see this product will target which region, customer age group, price (which section of people will prefer whether it is high income middle income 0
14.
Will see this product will target which region, customer age group, price (which section of people will prefer whether it is high income middle income )
15.
Will see this product will target which region, customer age group, price (which section of people will prefer whether it is high income middle income )
16.
By considering its cost, use, target audience and budget.
17.
Depend on what kind of products...
18.
Begin to look at competitors.
19.
On the internet, using secondary research and firstly using the product at hand. Looking for the reviews and asking for the opinion of general public on discussion portals like Quora.
20.
Study and understanding of the product.
21.
HD operates under the franchising business model too, though a little bit differently than GB. While GB franchises restaurants, HD franchises areas or regions in which the franchisee is required to open a certain number of stores.
22.
I start my research by searching the competitors and needs and wants of the customers and the places where buyers can exist so that I can sell product.
23.
I will begin its research by identifying its target market.
24.
By getting thorough with the Company's new product and Statistically Analysing the similar products available in the market.
25.
Target market then unique selling proposition and swot analysis.
26.
I start my research by comparing existing products that are similar in the needs that they meet and customer views of those existing products to see what the high and low points are.
27.
Primary research and secondary research.
28.
I would start by thinking about where and who will it be marketed to? What are their strengths and weaknesses.
29.
First we find out the features of the product and find out if any of these features can be taken as a USP when selling in the market. Then we find out about similar products in market and see the competition among the various companies. We then find out the market segments to be targeted and develop the necessary tolls and promotion strategies to sell in that market.
30.
I would begin my research by examining if the product is, indeed, new - are there other products are the market that are very similar, etc.?
31.
The research for the product depends upon the kind of product being launched or any such constraints like specified market, selected group of buyers, seasonal demand of the product. After looking up to these constraints the place for research would be decided and evaluation of the product would be carried out.
32.
I'll search more about the product, the pros and cons so I know how can I sell it to our target market.
33.
Firstly to find out the products existing in the market and are giving same use to consumers.
34.
I start it with getting all the knowledge about the product and find what its meant for.
35.
I begin on its features and evaluate by market stratergy.
36.
Define the problem or the need of the research.
37.
Understand the product first and the segment of target customer.
38.
Firstly to find out the products existing in the market and are giving same use to consumers.
39.
Look at intended target audience, or if without, evaluate the key traits and benefits of the product to identify the audience that would like the product most. After identifying consumers, conduct extensive research on the consumers' traits, personality, preferences, touch points, point of appeals to improve the 4Ps - pdt, price, place and promotion for effective reach.
40.
First will start evaluating from the type of product. Depending on that the target market to be explored. Type of consumers for the product then the promotional campaign so that to reach out the target market.
41.
I would begin by looking at their current product line and historically what their products have been. Then I would do an environmental scan of consumer needs that may be related to the new product and assess whether competitors are offering similar products. I would also conduct a SWOT and PEST analysis to understand how well received this product might be and how it could be positioned.

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