In this article, we explain what does a market analysis consist of? Good market analysis consists of the following aspects:
1. Target Market
Take a look at your target market, including a description of your ideal customers. Include demographic data on the group you are planning to target. Such as gender, age, income level, location etc. A place where you can discuss and describe your potential market and explain their ability to spend and how you are going to reach and communication with them.
2. Industry outlook and description
Describe the industry to a point where someone with no prior knowledge of the sector could read your description and fully understand it and be able to see the challenges a business could face and what future challenges you are going to come across.
3. Market Growth
This analysis gives you an idea of what the business will look like within a few years down the road. Sales projects, target market amount etc can be forecast with a good analysis of the present condition.
4. Market Need
What are the factors that influence the markets to drive the need for your service or products? Do you meet the need and how where the needs met before you entered the market? Explain and understand why customers will want to do business with you, select you over one of your competitors. Explain your product or service will match the needs of the market.
5. Market Trends
Look for market trends to isolate any changes that would affect your industry or market. Speak to experts in the field and do your research so you have an excellent understanding of what could happen next.
6. Competitive analysis
You can win the war without damaging and then defeating your enemy. SWOT analysis will help you understand your competitors’ strengths and weakness so you can exploit them and work it to your advantage, In this article, we explained what does a fair market analysis consist of? We suggested a combination of Competitive Analysis, looking at market trends and market need, market growth. And also determining industry outlook and describing what it looks like.