Market Opportunity Insights is an analytical method used to determine the potential size and scope of multicultural markets. While this method is a basic MBA exercise in market sising that has been around for decades, it can be utilized in constantly changing multicultural markets to gauge potential market size. It answers the following questions
Is there a multicultural market opportunity for my product or service?
What is the potential dollar amount of that opportunity compared to other segments?
Is that opportunity big enough to warrant a closer look by my company in targeting multicultural markets?
While the analytics of this exercise appear simple on the surface (and they are) they are comprised of both primary and secondary research. Past and future purchase intent are considered along with past-year and future expenditures in the market and amount spent therein.
