A market assessment is a critical component of any business strategy. It involves gathering and analysing information about a specific market to determine its potential size, scope, routes to market, barriers to entry, and competitive landscape. By conducting a thorough market assessment, businesses can make informed decisions about whether to enter a market, how to position themselves, and what strategies to use to maximise their chances of success.

​​

• One of the key elements of a market assessment is understanding the size and scope of the market. This involves researching the overall demand for the product or service in question, as well as the size of the target audience. By understanding the potential size of the market, businesses can better assess the opportunity and determine whether it is worth pursuing.

​

​

• Another critical element of a market assessment is identifying the various routes to market. This involves researching the channels through which the product or service can be delivered to customers, such as approved online marketplaces, distribution agreements, or direct sales. Understanding the different routes to market can help businesses develop an effective distribution strategy that maximises their reach and impact.

​

• Barriers to entry are another important consideration in a market assessment. These are factors that may make it difficult for new entrants to break into the market, such as regulatory requirements, technical compatibility with existing systems, or strong incumbent players. By understanding the barriers to entry, businesses can determine whether they have the resources and capabilities to successfully enter the market and compete effectively.

​

• Competitive analysis is also a key element of a market assessment. This involves researching and analysing the competitors in the market, including their strengths, weaknesses, and strategies. By understanding the competitive landscape, businesses can develop a strategy that takes into account the strengths and weaknesses of their competitors and identifies opportunities for differentiation.

​

• Finally, a market assessment may also identify other market opportunities that the business may be able to pursue. This may involve identifying adjacent markets that are related to the target market, or identifying unmet needs within the target market that the business could address.

​

Overall, conducting a full market assessment is an essential step in developing an effective business strategy. By gathering and analysing information about the market, businesses can make informed decisions about whether to enter a market, how to position themselves, and what strategies may be used in order to succeed.

​

For more information about how Midnight Health can assist your company in assessing the NHS landscape, please get in touch or book an introductory call.