A market analysis is a quantitative and qualitative evaluation of a market. Most of the time, market analysis is only done before putting up a business which is wrong. It should be done regularly and not only when necessary to assess your company’s current standing. Its the most sustainable approach to business and will help with the best defence and offence strategies.
Market analysis should not only be triggered by negative impact on business. It can be done when sales increases to evaluate the strength of your business and identify opportunities for growth.
Your competitive analysis should identify your competition by product line or service and market segment. Assess the following characteristics of the competitive landscape, reviewing aspects such as:
- Demand & Market share
- Your window of opportunity to enter the market
- The importance of your target market to your competitors
- Indirect or secondary competitors who may impact your success
- Economic factors that may influence customers choices
- Competitive Pricing
and so on..
The team at A/R & Associates have prepared some Market Analysis Tools for you to utilise.
