Each business occupies its own niche in the market. But before taking it up, they conduct a market analysis. And not only in this case, but also when making changes to the activities of an existing company.

Market analysis: definition

Marketing analysis of the market is a comprehensive study of it in accordance with the goals set for its effective operation. And the goals depend on the subject of the analysis. Free niches, prices, market structure, products, target audience, competitive environment, etc. are analyzed. If you are interested in find people for free, follow the link to find out more.

Stages of analysis

  1. Set a goal. Identify vital issues for the company that should be resolved, for example, entering a new market or identifying competitors. Only in this way will it be possible to conduct an effective market study, determine the vector of movement, choose tools, and calculate budgets.
  2. Explore the product. Identify the qualities that are valuable for customers, those that most accurately satisfy needs. And compare with competitors' products. The data will help to develop an optimal offer in terms of quality and cost.
  3. Estimate market volumes. In certain territorial frameworks, for a certain period of time, the total amount of the product purchased by consumers is calculated. This analysis of the sales market will allow you to understand what volumes to produce.
  4. Segment the market. Grouping of the target audience by certain characteristics: gender, age, social status, income level, place of residence, etc. Based on the results, choose your CA.
  5. Research the sales market. Everything related to the way of goods to the consumer: logistics, work of retail outlets, wholesalers.
  6. Study  competitors . It affects all aspects of their activities, starting from the characteristics of the companies and ending with the assortment and prices.
  7. Investigate  pricing policy. Price comparison of manufacturers, marketplaces, wholesale and retail representatives, suppliers. Price monitoring services are usually used.
  8. Analyze the marketing environment. Assessment of internal and external factors affecting the state of the company. To learn more about boddy, follow the link.

Sources

Where to get information about the market? The following sources are used:

  • research conducted by the company on its own: through the involvement of secret buyers, personal experience, observation of buyers;
  • secondary research.  (you can order a market analysis based on open data - statistics, ratings, etc.);
  • survey of company employees. Communication with employees of sales departments, sales and other departments;
  • internet. Websites, social media pages, YouTube channels, forums, etc.

Research methods

  1. "Porter's Five Forces". Study of five forces affecting business: new competitors, market power of consumers, market power of suppliers, intra-industry competition of competitors, risks of appearance of product analogues.
  2. SWOT analysis. Study of the company's strengths, weaknesses, opportunities and threats.
  3. PEST analysis (STEP). Assessment of the company's environment: political, economic, socio-cultural and technological, impact on its activities.