If you have been working in the field of Marketing for quite some time, you would know how important a market analysis is.
A market analysis is mainly a study done to know the movement of the targeted clients or the share of consumers a certain business or company has. It is a research done by the marketing team or an entity hired by the company to have an assessment of the current market standing of the business. Both qualitative and quantitative measures will be used to show accurate research results.
A market analysis gives focus on the fundamental characteristics of a market including its size, the factors that affect its consumption, different segment patterns, the economic status of a specific market, and the competitors that share the same market.
We have other samples of a Marketing Template that you may use for related purposes.
A market analysis gives focus on the fundamental characteristics of a market including its size, the factors that affect its consumption, different segment patterns, the economic status of a specific market and the competitors that share the same market.
It is very important for every business to have a market analysis as you need to know your consumers. Before putting so much money on product development and research, you need to understand the needs of your target market first and how your product can change their buying pattern for a concrete market penetration.
You need to be able to assess if your product is beneficial, saleable, or even necessary for the market that you are targeting. Also, you can discover new market opportunities in the process. New potential customers may just arrive and you need to know that so to assure that there is a pattern of the transactions of consumers and how it affects the business. If it is positive, then maybe there is a need for change in terms of your targeted market.
If you have already done a market research and you think that there is no signs of growth in terms of market share, maybe you need to try to look for another market segment.
A market segment is an essential part in the study as it shows the group of individuals with the same needs in terms of products. These individuals may also have the same lifestyle and characteristics that is why it is see to study their movement as an entirety.
Knowing the market segment where your offered products or services have much growth will give you an idea on the next steps to be made. You need to make sure that the reason these people are getting your products shall be taken into consideration and maintained. Further product improvement might also be necessary and needed details can be collected through the use of surveys to be answered by your target market.
Having a market analysis will help your business to create more effective strategies. Knowing the factors that affect your market share, especially knowing your target market and how they will put their trust on you as a product truly is very important.
Aside from our market analysis templates, you may take a look at our Job Analysis Templates for reference.