A great answer to this question should include:
1. Market research methods used (e.g. surveys, focus groups, competitor analysis).
2. Identification of target market segments and their needs.
3. Analysis of industry trends and market dynamics.
4. Evaluation of potential demand and growth opportunities.
5. Consideration of regulatory and legal factors impacting market entry.
6. Utilization of market sizing and forecasting techniques.
7. Assessment of competitive landscape and differentiation strategies.
8. Recommendations for market entry strategies based on findings. Using a structured approach like PEST analysis (Political, Economic, Social, Technological) or SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) can help organize your thoughts and provide a comprehensive response.