Difference between revisions of "Market Analysis"
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| − | A | + | A '''market analysis''' is a quantitative and qualitative assessment of a market. It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.<ref>[https://www.thebusinessplanshop.com/blog/en/entry/market_analysis_for_business_plan Defining Market Analysis]</ref> |
| − | Market analysis may seem complex, but it’s necessary if you want to lead your | + | Market analysis may seem complex, but it’s necessary if you want to lead your business in the direction of success. When you conduct a market analysis, you learn the following: |
*Who are my potential customers? | *Who are my potential customers? | ||
*What are my customers’ shopping and buying habits? | *What are my customers’ shopping and buying habits? | ||
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*How much are potential customers willing to pay? | *How much are potential customers willing to pay? | ||
*Who is my competition? | *Who is my competition? | ||
| − | *What are my competitors’ strengths and weaknesses?<ref> | + | *What are my competitors’ strengths and weaknesses?<ref>[https://www.patriotsoftware.com/accounting/training/blog/how-to-conduct-a-market-analysis/ What is Market Analysis?]</ref> |
=== See Also === | === See Also === | ||
<div style="column-count:2;-moz-column-count:3;-webkit-column-count:3"> | <div style="column-count:2;-moz-column-count:3;-webkit-column-count:3"> | ||
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*[[Market Cap]] | *[[Market Cap]] | ||
*[[Market Driven Organization]] | *[[Market Driven Organization]] | ||
Revision as of 14:49, 7 December 2022
A market analysis is a quantitative and qualitative assessment of a market. It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.[1]
Market analysis may seem complex, but it’s necessary if you want to lead your business in the direction of success. When you conduct a market analysis, you learn the following:
- Who are my potential customers?
- What are my customers’ shopping and buying habits?
- How large is my target market?
- How much are potential customers willing to pay?
- Who is my competition?
- What are my competitors’ strengths and weaknesses?[2]
See Also