Each business occupies its own niche in the market. But before occupying it, a market analysis is carried out. And not only in this case, but also when making changes to the activities of an existing company.
If you need market data, order the service from the professionals at Fractus.
Market Analysis: Definition
Marketing analysis of the market is a comprehensive study of it in accordance with the set goals for effective activity. And they depend on the subject of the analysis. They analyze free niches, prices, market structure, goods, target audience, competitive environment.
Market Analysis: Definition
Stages of analysis
Set a goal . Identify a vital issue for the company anguilla email list 7582 contact leads that requires a solution, such as entering a new market or identifying competitors. This will allow you to conduct an effective market study, determine the direction of movement, select tools, and calculate budgets.
Research the product . Identify the qualities that are valuable to customers and that solve their needs. And compare with competitors' products. The data will help develop the best offer in terms of quality and cost.
Identify market volumes . Within certain territorial limits, for a certain period of time, the total amount of product purchased by consumers is calculated. Such an analysis of the sales market will allow you to understand what volumes to produce.
Segment the market . Group the target audience according to certain characteristics: gender, age, social status, income level, place of residence, etc. Based on the results, choose your target audience.
Research the sales market . Everything that concerns the path of the product to the consumer: logistics, work of retail outlets, wholesalers.
Research competitors . This covers all aspects of their activities, from company characteristics to product range and prices.
Monitor pricing policy . Compare prices of manufacturers, marketplaces, wholesale and retail representatives, suppliers. Usually use price monitoring services.
Analyze the marketing environment . Assess internal and external factors that influence the state of the company.
Sources of information
Where can you get information about the market? This is:
research that the company conducts on its own : through the introduction of mystery shoppers, personal experience, and observation of customers;
secondary research (you can order a market analysis based on open data – statistics, ratings, etc.);
survey of company employees . Communication with employees of sales, marketing and other departments;
Internet . Website, social media pages, YouTube channels, forums and more.
Sources of information
Research methods
"Porter's Five Forces" . Research of five forces influencing business: new competitors, market power of consumers, market power of suppliers, intra-industry struggle of competitors, risks of emergence of product analogues.
SWOT analysis . Study of the company's strengths, weaknesses, opportunities and threats.
PEST analysis (STEP) . Evaluation of the company's environment: political, economic, socio-cultural and technological and the impact on its activities.
Market Analysis by Fractus
Need a market analysis, but don't know who to trust with such a complex task? Contact Fractus - we will find a solution. This is not a template, but a personal approach to each business, depending on the task that needs to be solved. And you will receive clear transparent data and will be able to further build a marketing strategy (if necessary, we will help with this too).
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Market Analysis: Scouting the Situation
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