Market analysis is both quantitative and qualitative assessment of the external market and your internal endowments. It also studies the appeal of a particular market and the dynamics of the market within its industry. Market analysis can also be seen as a part of industry analysis. The primary purpose of this analysis is to study the strengths; weaknesses, opportunities and, threats (SWOT) of a particular market. With the help of this analysis business, decisions and strategies are made.
Market segmentation is the underlying idea for a differentiated market analysis. Differentiation is essential due to the existence of increasing competition in the markets. Due to increasing competition, consumers have become more aware and ask for more individual products and services. Segmentation involves a lot of market research as it requires a thorough knowledge of the market. Through proper market research, a company has to define its "relevant market". This is an essential part of the whole market and is the part on which the company focuses. Market segmentation is also a meaningful way to find a competitive advantage. There is no particular way of segmenting a market. Although, businesses can follow general rules like segmentation by geography, on the basis of demography, and by behaviour, a good market segmentation must be accessible, sustainable, actionable, differentiable and measurable.
The principal dimensions of market analysis are as follows:
- Market size: This is defined through market volume and market potential. The market volume exhibits the sum total of all the sales volume in the market. The market potential, on the other hand, takes the upper limit of the total demand and also considers the potential customers.
- Market trend: Market trends show the upward or downward variation of a market during a period.
- Market growth rates: This is calculated using historical data and can be used for forecasting future demand.
- Market opportunity: It means the possibility of producing a new and better product than the competitors using new or existing technology.
- Market profitability
- Industry cost structure: The cost structure of the company is an essential determinant of a company's profitability.
- Distribution channels: It pertains to the analysis of existing distribution channels and finding opportunities for new and better channels.
- Environmental analysis: The environmental analysis includes both the internal and external environment. External environment includes political issues, macroeconomic factors, foreign exchange policy etc.
- Competitive analysis: It pertains to the analysis of various other firms in the industry that produce similar products.
- Target audience analysis: Target audience for a company is the targeted group of customers that the company wishes to serve.
- SWOT analysis: Analysis of a company's strength, weakness, threats and opportunities.
The significance of market analysis in a particular area cannot be overemphasised. It is equally crucial for a large corporation or a small firm. Understanding of the market will help in identifying factors that may have an impact on your business and your clients.
The market analysis puts your customer first. It allows you to offer the best of your product or service for which the consumer is hiring you. This always proves beneficial for a firm in the long run. Another point that emphasises the importance of market analysis further is that it forces companies to look inward. It drives companies to ask "why would consumers come to us?" This is primarily important when the product or service that you offer is tied to the consumer's self-actualising vision of themselves.
Market analysis also helps a firm in determining its unique sales position. A company can make its products appealing to customers through five significant ways. A market analysis helps a firm decide which of these methods will be best for a firm to differentiate its product in the market and enter the market segment.
- Brand: Companies associate themselves by brands by standing for a cause or by standing for something.
- Product: Companies differentiate themselves by placing their product differently in the market.
- Service: Companies stand out from competitors by offering a one-of-a-kind experience for their customers; this is usually done by showing exceptional customer service.
- Price: Companies may differentiate themselves by providing the product at the most affordable price or by charging the highest in the market.
- Audience: Companies also distinguish themselves by the audience by branding their product or services to a specific group or certain aid or type of person.
Using market analysis to evaluate your entry point and your unique selling proposition is crucial for creating a sustainable business model. Marketing analysis is the necessary step to making data-driven decisions for any business.
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