There are four areas of analysis - Customers, Costs, Competition and Context.

• Customer
  • Customer Need
  • Pricing
  • Demand
• Costs
  • What are the fixed costs?  What are the variable costs? 
• Competition
  • Industry & Competitive Analysis Framework - Industry Competition, Supplier Power, Buyer Power, Threat of Substitutes, and Threat of New Entries.
• Context
  • Trends in consumer demographics
  • Technology changes
  • Raw material costs
  • Economic conditions
    

The next step is to analyze the opportunity.  What are the key success factors required to execute better than anyone else to capitalize on this particular opportunity?