Chapter 1.2‎ > ‎

Market Analysis

A produce-market consists of a specific product (or line of related products) that can satisfy a set of needs and wants for the people (or organizations) willing and able to purchase it. We use the term product to refer to either a physical good or an intangible service. This definition matches people or organizations with a particular set of similar needs and wants to a product category that can satisfy those needs and wants. Analyzing product-markets and forecasting how they will change in the future are vital to business and marketing planning. Decisions to enter new product-markets, how to serve existing product-markets, and when to exit from unattractive product-markets are critical strategic marketing choices. Our objective is to identify and describe the buyers, understand their preferences for products, estimate the size and rate of growth of the market, and find out what companies and products are competing in the market.