Market monitoring is essential for effective business management. Monitoring allows you to track the activities of direct competitors and their pricing policy. Based on these parameters, the business can be adjusted to the main trends of the analyzed market in order to increase the customer base and profits, respectively.
It is necessary
Information about closest competitors, supplier data, sales data, internet access
Instructions
Step 1
Analyze the needs and wishes of potential customers. Market monitoring is a rather painstaking and lengthy process, the results of which will allow you to quickly react to the changing economic situation in the market. All these events will be an excellent impetus for further development and building a strategic plan for the future activities of the company. Monitoring begins with an analysis of the needs of the target audience of a given brand or trade mark. Based on this analysis, you can adjust your own pricing policy, product range, location of branches or offices, promotions and bonus programs carried out when selling products.
Step 2
Analyze competitors and their pricing policies. Competitor analysis is a complex process that aims to identify their advantages. Why are they better than a particular company? What is their main advantage? What are the disadvantages of their activities? What suppliers do they work with and why do their sales exceed those of the company? Answering these questions will allow you to take steps to improve your own activities and strengthen your competitive advantages in the analyzed market.
Step 3
Make a summary analysis of the market. The basis of the summarizing analysis is the collection of data on suppliers, sales volumes, taking into account the sales of competitors' products, on the main types of advertising and other parameters that may ultimately affect the company's activities. Based on this information, you can create a table that displays the company's competitive advantages, as well as its disadvantages compared to competitors. This table will also allow us to conclude which indicators should be improved for the company, and which, on the contrary, are its main competitive advantages.
