Market Analysis

Market Analysis


Planning strategies for marketing is an inescapable process for an industry offering. Market Analysis services does just this. It gives a deeper understanding of the available strategies. To ensure success of the strategy in the market, we need the market strategy on the whole, but individual parts of the strategy can also help in making fundamental decisions. However, this analysis alone will not help to get the overall view of the market. Coupled with this, play several other factors which provide as significant a contribution. They are size of population, data, competitors and their strategies, demographics, etc. Apart from these factors, we also need to understand the needs of the customer at a more foundation level, we need to dwell deeper into their need, psychology and purchase trends too. This can be fulfilled by conducting a full-fledged research on models, buying trends, brands preferred, budget, preference and several others. Out of all these points, perhaps one might stand out as the most superior of them all. This ensures the best understanding and also accounts for corrections and improvement of the existing strategy based on already existing proofs and techniques. This is the Competitor research segment. It gives the best possible idea on how to make the best opportunity of the resources available, how to get an edge over existing services, what model can be upgraded to yield better services and so on. This sort of intelligence is what demarcates the ordinary from the extraordinary.

One of the major aspects of market research is perhaps the Customer research. The customer, is obviously the single handedly most important part of the industry. The failure or success ultimately falls into the customer’s hands. An industry cannot hope to thrive if they fail to understand and be flexible and most importantly be aware of what the customer needs. They need to be prepared with the right questions to excavate data which may not be obvious at a single glance. These questions need to answer why the customer is not interested in buying the supply anymore. A plethora of reasons could be unearthed, and the right market strategy will attack these and change accordingly. Various reasons such as delay in the delivery, inefficient customer support or simply that the product does not meet the customer’s need could be it. Deeper understanding could also expose the fact that the customer might have relocated and hence, is geographically unable to purchase the product. Apart from this, analysis on customer trends of competitor products also help with an even extensive understanding of the market.

Another major rung on the ladder of market analysis involves feasibility. No matter how good or perfect a product is, sometimes feasibility can play a major factor in deciding the market’s status. This is done by researching external factors first. These may be the other boons and threats in the market. These are listed down against the supplier’s pros and cons to provide the best possible estimate. Some of the areas that play a significant role in deciding the market analysis are Market size, Buyer demographics, Key players, the growth rate of the market, Industry cost structure, Market trends and Market profitability. Market size is calculated keeping mind the revenue from existing and potential customers. Market needs will give a base to how the product should exist for winning the customer’s favour. Demographics of the buyer involves the age, occupation and salary of the buyer and map them to the particular domains. The Market Growth Rate is another inaccurate means to obtain growth rates based on current and previous data. Market Profitability is another means of impacting profits. It is based mainly on the power of the buyer and the seller. This is also influenced by threat of substitute products, and rivalry among the existing firms in the industry. For more effective market analysis, the latest industry and market trends need to be studied thoroughly. The buyers’ preferences, the difference between the market leaders and the another upcoming industry’s techniques will help the company to better flow with the existing trend.

The stark contrast between size of market and potential of market is considered to be analogous to that between total market and the total available market. Prior to the advent of such potential research methods, we need to understand out product better. Promotions, Pricing, Policing and Positioning needs to be done on competitor products. Primary research is used for these purposes. It also helps us calculate the total amount being spent on these services. To further dwell into the difference between market size and potential market, we aim to define both. Market size, on one hand, gives the total of revenue made per compartment. Potential market refers to the total revenue whch could be generated if the company could get every prospective customer. Primary and secondary research stages are carried out to better understand the potential market and analysis. Some of the findings that we need to analyze as we drill through this mine are target population, their profile, their specific needs, pricing and comparison of strengths and weaknesses of the company and competitor.

Matket Mapping is another method to identify trends among the existing and potential customers by studying as many market conditions as possible. These market conditions are plotted on a graph and various values and attributes about the customers are examined and analysed. This type of analysis helps us to focus and mend the internal weakness and loopholes present in the company. The problems with the external environment of the company is also assessed using the plot. The best way to make use of the market gap can also be easily seen using this technique. The different levels in the organization chain will also be revealed in the market mapping. This includes the total number of suppliers, distributors and retailers. It gives an indepth analysis on each of the market segment.