For your first milestone, due next week in Module Three, you will develop a SWOT analysis for your new product concept based on data you uncover performing secondary data research. For this week$$s assignment, due in Module Two, prepare for the upcoming 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, paying close attention to pages $143144$ as well as the SWOT video, 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 $(13$ 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?