Market Analysis
Market Analysis is the tricky step in making the business plan, marketing plan or even talking to your customers on the social media channels. Because market analysis will help you define your customers, study their needs, habits & characteristics. Besides collecting different information about competition & choosing the suitable marketing strategies.
Wikipedia defined the Market Analysis as the studies of the attractiveness and the dynamics of a special market within a special industry.
We can do the market analysis that provides you with a deep look to the actual needs of your customers. Besides the information you need about your market. Hence you can build a strong business plan or construct a marketing plan that really works.
Either you are a startup or in business from a time period you need to conduct a market analysis from a time to time to ensure you are moving in the right direction. Also, to update your information about your customers, market, competition & industry.
Market Analysis Components
1. Market Description
Market Description will contain data about the industry that your products or services belongs to.It includes market dynamics, market size, barriers to enter the market & expected growth.
3. Competition Analysis
Competition Analysis section will contain information about bench marked competitors. It includes information about competitors’ sizes, product characteristics, branding methods. Also, information about their strengths, weaknesses, opportunities & threats.
2. Customer Characteristics
Customer Characteristics section will contain demographics data about your customers such as age, gender & education. Also, information about customers’ needs, purchasing habits, their groups if any & how these groups differ.
4. Company's Situation Analysis (SWOT)
SWOT section will contain analysis of your company’s strengths, weaknesses, opportunities & threats.It will highlight how you can use these market opportunities to increase your market share. Besides guidelines on how to hedge against future risks.
Market Analysis Case Study
The following chart represents company “X” which went in to the market before doing the market analysis. Company “X” achieved high sales in the first months but it began to decrease after four months of the start. Then the company’s owner claimed that there is something went wrong.He began to think in preparing the market analysis. The chart represents company”X” sales in the same months next year after applying the market analysis.
Range of markets
Consumer Markets
We as a small business consulting company can help you in marketing of consumer goods. Such as Television, Refrigerator, Air conditioners etc.
Business Markets
Involves marketing to other companies. Where they give much importance to the purchase decision . Hence we can prepare your competitive proposal.
Government
Includes selling to government offices and other government’s departments.Where you should make a careful study of the government’s requirements in the purchase announcement. Because the purchase decision mostly is made after bidding. Hence we can help you in interpreting such announcements & preparing a competitive bid.
Global Markets
Another service of our consulting company is marketing in other countries. Either marketing to consumers or to businesses is considered a challenging task. Because when you try to sell globally you should consider the cost of transportation, local competitors and government regulations. Hence, we can offer you all the reports related to such issues in order to take the right decisions.