The market analysis - Marketing Strategy

A market analysis will be made up of a range of factors relevant to the particular situation under review, but would normally include the following areas:

  • Actual and potential market size:Estimating the total sales in the market allows the organization to evaluate the realism of particular market share objectives. Identifying the key sub-markets of this market, and potential areas of growth, is crucial to developing a marketing strategy, as is establishing if any areas are in decline.
  • Trends:Analysing general trends in the market identifies the changes that have actually taken place. This can help to uncover the reasons for these changes and expose the critical drivers underlying a market.
  • Customers:The analysis needs to identify who the customer is and what criteria they use to judge a product offering. Information on where, when and how customers purchase the product, or service, allows an organization to begin to understand the needs of the customer . Identifying changing trends in consumer behaviour may begin to signal potential market developments and opportunities.
  • Customer segments:Identifying current market segments and establishing the benefits each group requires allows an organization to detect if it has the capability to serve particular consumers’ needs.
  • Distribution channels:Identifying the changes of importance between channels of distribution, based on growth, cost or effectiveness, permits a company to evaluate its current arrangements. Establishing the key decision makers in a channel of distribution also helps to inform strategic decisions.

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