Market analysis
A market analysis studies the attractiveness and the dynamics of a special
Market segmentation
Dimensions of market analysis
The goal of a market analysis is to determine the attractiveness of a market, both now and in the future. Organizations evaluate the future attractiveness of a market by gaining an understanding of evolving opportunities and threats as they relate to that organization's own strengths and weaknesses. A market analysis investigates among other things the influence of supply and demand on a market.[4]
Organizations use the findings to guide the investment decisions they make to advance their success. The findings of a market analysis may motivate an organization to change various aspects of its investment strategy. Affected areas may include
Elements
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Market size
The
- Government data
- Trade association data
- Financial data from major players
- Customer surveys
Market trends
Market trends are the upward or downward movement of a market, during a period of time. The market size is more difficult to estimate if one is starting with something completely new. In this case, you will have to derive the figures from the number of potential customers, or customer segments.
Besides information about the target market, one also needs information about one's competitors, customers, products, etc. Lastly, you need to measure marketing effectiveness. A few techniques are:
- Customer analysis
- Choice modelling
- Competitor analysis
- Risk analysis
- Product research
- Advertising the research
- Marketing mix modeling
- Simulated Test Marketing[5]
Changes in the market are important because they often are the source of new opportunities and threats. Moreover, they have the potential to dramatically affect the market size.
Examples include changes in economic, social, regulatory, legal, and political conditions and in available technology, price sensitivity, demand for variety, and level of emphasis on service and support.
Market opportunity
A market opportunity product or a service, based on either one technology or several, fulfills the need(s) of a (preferably increasing) market better than the competition and better than substitution-technologies within the given environmental frame (e.g. society, politics, legislation, etc.).
Applications
The literature defines several areas in which market analysis is important. These include: sales forecasting,
See also
References
- ^ Dillerup, R., Stoi, R. (2006). Unternehmensführung. München: Vahlen.
{{cite book}}
: CS1 maint: multiple names: authors list (link) - ^ Unger, F., Fuchs, W. (2005). Management der Marketing-Kommunikation. Berlin Heidelberg: Springer.
{{cite book}}
: CS1 maint: multiple names: authors list (link) - ^ Bruhn, M. (2009). Marketing – Grundlagen für Studium und Praxis. Wiesbaden: Gabler.
- ^ "Market Equilibrium via the Excess Demand Function" (PDF). ACM Digital Library.
- ^ "Market Analysis". NeMBA. Archived from the original on 17 May 2012. Retrieved 3 August 2012.
- ^ Dillerup, R., Stoi, R. (2006). Unternehmensführung. München: Vahlen.
{{cite book}}
: CS1 maint: multiple names: authors list (link) - ^ Aaker, D. A., McLoughlin, D. (2010). Strategic Market Management – Global Perspectives. West Sussex: John Wiley & Sons Ltd.
{{cite book}}
: CS1 maint: multiple names: authors list (link)
- George J. Kress,Taryn Webb, and John Snyder, Forecasting and Market Analysis Techniques: A Practical Approach (Westport, CT: Quorum Books, 1994)
External links
- Media related to Market analysis at Wikimedia Commons