Week 8 - What is Market Analysis?

Question 1

is a thorough assessment of a market within a specific industry. You will study the dynamics of your market, such as volume and value, potential customer segments, buying patterns, competition, and other important factors.

Answer 1

A market analysis

Question 2

dynamics of your market, such as

Answer 2

volume and value, potential customer segments, buying patterns, competition, and other important factors

Question 3

A thorough marketing analysis should answer the following questions:

Answer 3

o Who are my potential customers?

o What are my customers’ buying habits?

o How large is my target market?

o How much are customers willing to pay for my product?

o Who are my main competitors?

o What are my competitors’ strengths and weaknesses?

Question 4

What are the benefits of running a marketing analysis?

Answer 4

reduce risk, identify emerging trends, and help project revenue.

Question 5

some other major benefits of conducting a market analysis

Answer 5

1. Risk reduction
2. Targeted products or services
3. Emerging trends
4. Revenue projections
5. Evaluation benchmarks
6. Context for past mistakes
7. Marketing optimization

Question 6

What are the drawbacks of running a marketing analysis?

Answer 6

1. Market analysis can be expensive.
2. Market analysis can be time-consuming
3. Market analysis can require extra staff
4. Market analysis can be narrow