Whether you are starting a new business or launching a new product, conducting a marketing analysis is the first step in determining if there is a need or audience for your idea. Knowing the market’s needs and how it is currently serviced provides you with key information that is essential in developing your product/service and marketing plan. Too often, businesses spend thousands of pounds launching a “new” idea with a limited market because of competition. The owner is forced to reevaluate his strategy and determine if there is room for another player.
Although the quality of the product is critical, your development of the best product on the market will not necessarily correlate with the most sales. It is important to remember that up to 50 percent of a product’s price can be for marketing. The company who wins the marketing game generally will capture the larger share of the market.
An Objective Market analysis will help you:
- Prepare to enter a new market
- Launch a new product/service
- Start a new business
At the completion of this exercise, we should be able to:
- Explain the concepts of a marketing analysis
- Determine if there is a need for your idea or product/service
- Identify a new market
- Analyse your current market
- Gain a competitive advantage
- Begin to establish a marketing plan
Marketing Analysis - What Is It? Why Should You Do It?
Marketing encompasses all of the activities that go into promoting a product or service. A marketing analysis is the actual assessment of the target population, competition and needs for marketing that product or service.
The marketing analysis process can be broken down into six steps:
- Defining the problem
- Analysis of the situation
- Obtaining data that is specific to the problem
- Analysis and interpreting the data
- Fostering ideas and problem solving
- Designing a plan
We always advise this process before embarking on any new product. service, development or creation.
We hope you found this information useful. We would like to remind you that this subject is best served, and more effective as part of a complete marketing plan or strategy, rather than in isolation. For further expert advice please contact us to discuss your requirements or post a question in our blog.
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