The Complete Guide to Market Analysis

Market analysis looks at a market to understand it's threats and opportunities. This article called the complete guide to Market Analysis outlines what to research and how to find the data.
By: Octopus Intelligence
 
SHOREDITCH, U.K. - Oct. 13, 2020 - PRLog -- The Complete Guide to Market Analysis

Market analysis looks at a market to understand it's threats and opportunities. This article called the complete guide to Market Analysis outlines what to research and how to find the data.

Scouting

A professional football team does not just get to the ground, put their kit on and start playing. They have spent the last week understanding the opposition, their strengths and weaknesses and practicing moves to take advantage and prevent them doing what that they want to do themselves. Long berfore they need it, they collect, or scout information to maximise the chances of winning and any tactics you are going to use. Also, they have a referee, so it is essential to know the rules of the game. Otherwise it's an early bath. In the business world, Market Analysis provides you with the same sort answers to these questions. Expect Market Analysis to provide your organisation with a great deal of information to maximise performance, and provide a better chance of connecting with your customer and smashing your competition out of the ground.

What is market analysis?

The successful business really does need an excellent understanding of the landscape they work in. This understanding includes research on customers and competitors. So what is market analysis? Market Analysis is the process of researching your market to understand your threats and opportunities you will face, as well as know why prospects and clients like (or dislike) your products or services. Market Analysis includes some of the following:

Industry cost structure – What's the fixed and variable costs of your offering? Can you break these costs down to the product or regional level?
Market size and competitive analysis – How big and competitive is the market? And who are you are your competitors?
Demographics and segmentation – Who are you currently and will be selling to? What are the sub-categories within your market? Are you able to develop more product lines or service offerings?
The growth of the market – What are the past and current industry growth indicators? Will this growth continue?
Market trends – Is the market changing? And what's needed to be done to keep moving forward?
Market profitability – What are the aspects of your market sector that affects potential profitability? How attractive is your market and what's the expected margins?
Distribution channels – Looking at your current and possible future distribution channels. How will these distribution models affect your business?

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