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The obvious question for everyone running or starting a business well is - How well do I know the Market?
A Marketing Analysis is a study of the dynamism of the market. It is the attractiveness of a special market in a specific industry. Marketing analysis is basically a business plan that presents information regarding the market in which you are operating in. It deals with various factors and should not be confused with market analysis.
A marketing analysis is done so that you can formulate a strategy on how to run your business. By taking into consideration certain factors, you will know how to operate your business.
Dimensions of Marketing Analysis
There are certain dimensions which help us to perform a marketing analysis. These things help us understand the market we operate in better. These dimensions include;
- Market Size
- Growth rate of the market
- Market trends
- Market profitability
- Key success factors
- Distribution channels
- Industry cost structure
Market Research provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process. In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to develop without market research.
Market research involves two types of data:
- Primary information. This is research you compile yourself or hire someone to gather for you.
- Secondary information. This type of research is already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry. Most of the research you gather will most likely be secondary.
There are two main types of marketing research: Quantitative and Qualitative.
Quantitative Research usually includes phone, mail, Internet or in-person interviews. In other words, the marketing research agency conducts hundreds of surveys so they can attain a representative sample. A representative sample is one that is statistically valid. The results can be projected with some degree of certainty across the general population.
Qualitative Research is usually conducted before quantitative research. Qualitative research is conducted among smaller groups of people. It is more exploratory in nature. The information may be used to narrow the number of concepts a company has for specific products.
There are two main types of qualitative research: Focus groups and One-on-Ones. Both of these qualitative research methods are usually conducted in focus group facilities.
Some Key Analytical Tools / Methodologies
Some Key Analytical Tools / Methodologies
- PESTEL Analysis
- Pricing Analysis
- Competitive Analysis
- Feasibility Study Report
- Customer Experience Analysis & Playbook
- User Experience Analysis
(more tools /templates / forms used in Market Study and Business Analytics are being added)
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