How to take advantage of a market switch.
How To Do It
1. Discover major changes in consumer buying habits by:
- reading marketing research reports and trade association research forecasts;
- observing current fads that could potentially turn into long-term changes;
- observing new products that are growing in popularity; and
- analysing changes in your own buying habits, especially when you stop purchasing an item that has become obsolete and begin to buy replacement items with entirely different characteristics.
2. Find products which are associated with a market switch by:
- analysing the advantage of new products to find those which are greatly superior and will likely replace more traditional items; and
- looking for new technologies or new products based on new concepts which are revolutionary for an industry.
3. Look for a major product or service that is needed to meet changing consumer demand, but has not yet been provided, and find a way to provide it.
4. When the major product in the market switch already exists, look for related services or products that can be used in association with the major product.
5. Ensure that there is a demand for the product/service you would like to provide.
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