Everything you need to know about market analysis in simplified scores

What is Market Analysis?

Market analysis examines the attractiveness and dynamism of a particular market in an industry, which is part of industry analysis and therefore of global environmental analysis, through all these analyzes, strengths, weaknesses, opportunities and risks can be identified with the help of SWOT analysis, appropriate business strategies will be identified for the company.   

Define market analysis according to the business dictionary

A market assessment tool designed to provide businesses with a comprehensive view and ideas about the complexities of a particular industry, industry analysis involves reviewing the economic, political and market factors that affect the way businesses evolve, key factors can include the strength of suppliers and buyers, the state of competitors, And the potential for entering the new market.

• Market analysis is the exploration of an industry, sector, or niche market, focused on market structure and market composition, and is more relevant to business strategies.
• Market research is the exploration of markets and target customers, focusing on the details of the competition market, and is more relevant to marketing strategies.

How do you conduct the market analysis study correctly?

When you start a business, do you leave it to follow?  Or does it take time to plan and research your strategies before they start on the market?  If you are like most entrepreneurs, you must prepare your work plan before you launch your project.

Before you move your project to the market or develop a strategy, you need to conduct thorough research, and if you want to stay in the business world, you need to know how to perform market analysis.

The importance of market analysis, summarized in the following points:

·       Who are my potential customers?

·       What are the customer's shopping and buying habits?

·       What is my target market size?

·       How many do potential customers want to pay?

·       Who are my competitors in the market?

·       What are the strengths and weaknesses of competitors?

·       The importance of market analysis for your project  

·       Analyzing your market can make you start your business.

·       Market analysis helps you reduce risk because it enables you to better understand your customers and market conditions.

·       Analysis also helps you reach what makes you different from competitors, and know what competitive advantage you can focus on.

·       Whether you're starting a project, delivering a new product, or developing your small business, market research can help you move your project to a higher level.

7 steps to market analysis:

Step 1 determine the purpose of market analysis

Step 2: Look at your project expectations

Step 3 Select the target audience

Step 4: Study and compare your competitors

Step 5 collect additional data

Step 6 analyze your results

Step 7: Put your analysis into practice

Finally, Cosmos Par offers market analysis for your project, reach out now, and ask for a professional and distinctive analysis of your project market.