The term “market analysis” is often confusing to entrepreneurs, especially for people who focus on a specific niche or market segment.
In fact, many small business owners don’t understand the process or complain that conducting a market analysis is too complicated or too expensive and wonder why or if it is necessary.
What is market analysis?
In the most basic terms, a market analysis is an assessment of:
– A particular problem or opportunity in a market.
– The needs of the target market relating to the problem or opportunity.
– Ideas for marketing a particular product or service that fills the needs of the target market.
When should you conduct a market analysis?
– When you are starting a business.
– When you are entering a new market.
– When you are considering a new product or service.
Why should you conduct a market analysis?
– To minimize business risks.
– To understand the problems and opportunities.
– To identify sales opportunities.
– To plan your marketing/sales approach.
The process of...
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