Writing a business plan, conducting marketing research, planning the further development of the enterprise - all this requires a qualitative and quantitative analysis of the market situation. What should be considered when conducting market analysis?
Instructions
Step 1
Any well-written marketing plan should include a market analysis section. Ignoring this provision leads to the impossibility of implementing other sections of the plan, since it is the analysis of the market situation that determines the ways of the enterprise development. The analyst is required to have a clear understanding of the market research plan and the details to be prioritized.
Step 2
The market for specific goods or services should be analyzed taking into account its division into segments. It is also necessary to take into account the nature of the target audience, the presence and degree of activity of competitors, as well as the potential capabilities of the enterprise in the relevant market segment.
Step 3
Market segmentation begins the analytical research phase. It is about dividing the market into parts, the so-called segments. A segment is a group of consumers, goods, or producers. They can be combined according to predetermined criteria and significant indicators. There are many signs and factors of market segmentation, their number and composition is determined by the specific objectives of the analysis.
Step 4
Market segmentation is a central tool in market research, on which the position of an enterprise in the studied market niche depends. In this case, one should take into account not only your segment, but also those parts of the market that are occupied by competitors. This will allow you to effectively promote the product or enter the market with the idea of a new product that fits into the niches occupied by competing firms.
Step 5
Another criterion for market analysis is the target audience. How your product will be promoted depends on such an audience. It is required to determine the composition of the target consumer group and its stability in the current market situation. The analysis of the target audience will answer the question of whether it is worth spending time, production capacity and financial resources on its conquest.
