Market analysis Flashcards
What is the purpose of market analysis?
Market analysis aims to assess the attractiveness and dynamics of a specific market, providing valuable insights for businesses to make informed decisions and develop effective marketing strategies.
What are the key components of a SWOT analysis in market analysis?
A SWOT analysis involves evaluating a company’s strengths, weaknesses, opportunities, and threats, providing a comprehensive understanding of its internal and external environment to inform strategic decision-making.
How does market analysis contribute to identifying market opportunities?
Market analysis helps identify market opportunities by assessing unmet consumer needs, emerging trends, technological advancements, and gaps in the competitive landscape, enabling businesses to capitalize on potential opportunities.
What role does market analysis play in strategic decision-making?
Market analysis plays a crucial role in strategic decision-making by providing data-driven insights into market trends, consumer behavior, competitive dynamics, and environmental factors, guiding businesses in developing effective strategies.
What are the key considerations when conducting a market analysis?
When conducting a market analysis, businesses consider factors such as market size, growth rate, customer segments, competitive landscape, regulatory environment, and technological advancements to gain a comprehensive understanding of the market.
How does market analysis contribute to minimizing business risks?
Market analysis contributes to minimizing business risks by identifying potential threats, competitive challenges, and market vulnerabilities, enabling businesses to proactively address risks and develop risk mitigation strategies.
What are the implications of market analysis for product development?
Market analysis informs product development by identifying consumer needs, preferences, and unmet demands, guiding businesses in creating products that align with market requirements and offer a competitive advantage.
How does market analysis contribute to competitive positioning?
Market analysis contributes to competitive positioning by assessing competitor strategies, strengths, and weaknesses, enabling businesses to identify opportunities for differentiation and develop strategies to gain a competitive edge.
What are the key sources of data for market analysis?
Key sources of data for market analysis include internal company records, market research reports, industry publications, government databases, consumer surveys, and social media analytics, providing diverse insights into the market.
What are the key steps involved in conducting a comprehensive market analysis?
The key steps in conducting a comprehensive market analysis include defining the research plan, collecting data, analyzing market trends, interpreting insights, and drawing conclusions to inform strategic decision-making and marketing strategies.
What are the six elements og a PESTEL analysis?
Political and Legal, Economic, Demographic, Technological, Cultural and Social, and Environmental factors
