The market analysis includes a variety of actions that make up a research plan. Basically there are five parts to a market analysis that will be common to ensure a successful outcome for your business information quest and they include: Industry overview describes the state of the industry and should include relevant metrics such as size, life cycle, and trends. 1.Target market research important to identify who the customers are. - Qualitative research to determine the core attitudes and usage drivers that consumers have about a new product or service - Quantitative research to determine what would be the best offerings for customers using representative sampling. 2.Create Buyer Personas to a representation or market segmentation of a typical customer 3.Competitive analysis revealing the competitive landscape and identifying direct and indirect competitors to identify their strengths and weaknesses, ultimately revealing areas of opportunity. 4.Projections to layout where offerings will fall in terms of price point and perceived quality, customer behavior, growth rate, and anticipated market share. 5. SWOT analysis to inform your overall strategy and help identify the key success factors that will fuel your market growth and profitability.
Main category: Business
Sub category: Advertising and Marketing
Tags: market research market analysis market segmentation