Whether you are starting a new business or launching a new product, conducting a marketing analysis is the first step in determining if there is a need or audience for your idea. Knowing the market’s needs and how it is currently serviced provides you with key information that is essential in developing your product/service and marketing plan. Too often, businesses spend thousands of dollars launching a “new” idea with a limited market because of competition. The owner is forced to reevaluate his strategy and determine if there is room for another player.
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First of all it is necessary to study the target audience of the product promoted. The audience should be studied beforehand, in order to define, weather some particular regional market is potential, or vice versa absolutely unprofitable.
Demographic part of the research is one of the most essential. It entails the questions, where the target lives, and where he she purchases goods and services.
The information sources that will help you conduct a market analysis are different for every business plan. For example, you might need local information you can get from a local chamber of commerce. Or you might be able to find your market information at www.business.gov, which is a good source for information from the U.S. Census Bureau, the Department of Labor, the Department of Commerce and others.
You might also need to find other government statistics, or other commercial statistics, so you may be conducting some Internet searches to track down the information. Not all the information you need is going to be publicly available, and you may have to settle for educated estimates. Sometimes you’ll have to extrapolate information from different sources to get the information you’re seeking. I’ve seen good market research come from telephone directories, catalogs, industry association statistical compilations, real estate information and density maps.
The next essential point is to study competitors’ activity in the region. Define the advantages and disadvantages of the product in comparison with competitor’s production. On the other hand it is necessary to study all the features of your own product, in order to make correct and effective positioning of the product on the market. Thus, before studying the market, it is necessary to study productions and competitors. Although the quality of the product is critical, your development of the best product on the market will not necessarily correlate with the most sales. Up to 50 percent of a product’s price can be for marketing. The company who wins the marketing game generally will capture the larger share of the market.
A lot of market analysis involves keeping tuned into market demands and shifts. However, when a business is well established, but its growth has stalled, a proprietary review of both the competition and the business’ status in the market may be worth the investment.
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Groff W (2004). “Market Analysis as an Integral Component of Comprehensive Institutional Planning”. The Snowmass Advisory, 2. 1-11.
Groff W. (2005) “Market Analysis: What Is It? How Does It Fit into Comprehensive Institutional Planning?” Conference paper prepared for the National Center for Research in Vocational Education, vol. 3.No.5. p. 56.