PTT 7

Question 1

is a detailed assessment of your business’s target market and the competitive landscape within a specific industry.

Answer 1

Market analysis

Question 2

quantitative data such as the actual size of the market you want to serve, prices consumers are willing to pay, revenue projections, and qualitative data such as consumers’ values, desires, and buying motives.

Answer 2

Market analysis includes

Question 3

Conducting a market analysis can benefit you in several ways by helping you to:

Answer 3

Spot trends and opportunities in your industry

Differentiate your business from competitors

Reduce the risks and costs of launching a new business (or pivoting an
existing one)

Tailor products and services to your target customers’ needs

Analyze successes and failures

Optimize your marketing efforts

Reach new market segments

Monitor your business’s performance

Pivot your business in new directions

Question 4

is the process of gathering information about a target market, including its customers’ needs and behaviors, in order to market products to it effectively.

Answer 4

Market research

Question 5

is the process of studying the metrics of specific marketing efforts, such as landing page sign-ups and social media engagement, in order to increase return on investment.

Answer 5

Marketing analytics

Question 6

How to do a market analysis in 6 steps

Answer 6

Research your industry.
Investigate the competitive landscape.
Identify market gaps.
Define your target market.
Identify barriers to entry.
Create a sales forecast.
R. I. I. D. I. C

Question 7

The purpose of this step is to gain an understanding of your industry at large so that you know how to enter it, can spot trends, and compete with other brands.

Answer 7

Research your industry.

Question 8

This next step takes you from broad industry insights to looking specifically at brands you’ll be competing against as you seek to attract potential customers in your target market.

Answer 8

Investigate the competitive landscape.

Question 9

With insights into how competing brands fare, you can find market gaps, differentiate your products and services, and stand out within your industry.

Answer 9

Identify market gaps.

Question 10

get specific about the kinds of customers you want to serve. Define your target market according to the characteristics that make individual consumers more likely to purchase products and services from you:

Answer 10

Define your target market.

Question 11

As you’re getting to know your target market and tailoring your offers and messaging to consumers, it’s important to have a clear sense of factors that might prevent you from entering your market successfully.

Answer 11

Identify barriers to entry.

Question 12

is the process of estimating future sales so that you mcan make confident business decisions or secure funding from investors and lenders.

Answer 12

Create a sales forecast.