Market Analysis

Question 1

quantitative and qualitative assessment of the market.

Answer 1

market analysis

Question 2

Detailed statistics; presented using visual aids- graphs and charts

Answer 2

industry overview

Question 3

The type of customers you target within the market

Answer 3

Target Market

Question 4

Indicates where your products or services fit in the competitive environment

Answer 4

competition

Question 5

highlights the unique features or benefits that customers can expect to receive

Answer 5

USP (Unique Selling Proposition)

Question 6

Short statement that communicates why buyers should choose your product.

Answer 6

VP (Value Proposition)

Question 7

Any company that offers the same product/service as you

Answer 7

Direct Competition

Question 8

Different product/service from yours but can potentially satisfy the same need and reach the same goal

Answer 8

Indirect Competition

Question 9

characteristics of a business which give it advantages over its competitors

Answer 9

strengths (internal factors)

Question 10

characteristics of a business which make it disadvantageous relative to competitors

Answer 10

weaknesses (internal factors)

Question 11

elements in a company’s external environment that allow it to formulate and implement strategies to increase profitability

Answer 11

opportunities

Question 12

elements in the external environment that could endanger the integrity and profitability of the business

Answer 12

threats

Question 13

will help determine how you position your company in the market.

Answer 13

pricing strategy

Question 14

survey research and analysis of the market for a particular product/service which includes the investigation into customer inclinations

Answer 14

market survey

Question 15

key figure which represents the total scope of the opportunity ahead

Answer 15

market size

Question 16

total market demand for a product or a service.

Answer 16

total addressable market

Question 17

part of the total addressable market that can be reached.

Answer 17

served available market (SAM)

Question 18

estimate of the portion of revenue within a specific product segment that a company is able to capture.

Answer 18

serviceable obtainable market (SOM)

Question 19

process of dividing a target market into smaller, more defined categories.

Answer 19

market segmentation

Question 20

types of market segmentation

Answer 20

demographic, psychographics, geographical/location, behavioral

Question 21

Your customers’ characteristics in terms
of: Age, Sex/Gender, Income, Profession,
and Marital Status

Answer 21

demographics

Question 22

Your customers’ characteristics in terms
of: Beliefs, Attitudes, and Lifestyle

Answer 22

psychographic

Question 23

Customer’s identity depends on the specific location or region

Answer 23

location

Question 24

How your customers shop for and purchase products like yours

Answer 24

behaviors

Question 25

Influence the behavior of consumers.

Answer 25

trends

Question 26

process of systematic inquiry that entails collection of data; documentation of critical information; and analysis and interpretation of that data/information, in accordance with suitable methodologies set by specific professional fields and academic disciplines.

Answer 26

research

Question 27

place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.

Answer 27

market

Question 28

process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market

Answer 28

market research

Question 29

most valuable tool in any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results

Answer 29

data collection

Question 30

most common way to gather primary research with the use of questionnaires or interview schedule

Answer 30

survey

Question 31

most reliable and credible ways of getting relevant information from target customers

Answer 31

interview

Question 32

an excellent method for generating and screening ideas and concepts

Answer 32

focus group discussion (FGD)