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Jul 21

Market Analysis

The term market analysis confuses much to entrepreneurs, especially to those who focus on a specific niche market or market segment. In fact, many owners of micro-enterprises do not understand the process or complain that perform a market analysis is too complicated or too expensive and are sorprenderian that this is not necessarily true. That is a market analysis? In the end more basic, a market analysis is a study of: – a problem in particular or a market opportunity – the needs of a target market that requires solving a problem or an opportunity – Ideas for the marketing of a product in particular or a service that meets the needs of a target market. When should you perform a market analysis? Do-when is it starting a business – when is is entering a new market when you are considering adding a new product or service because you must perform a market analysis? -To minimize the risk of your business – to understand the challenges and opportunities – to identify sales opportunities – for plan your marketing or sale process message to perform a market analysis can be divided into three parts: part 1 understanding the conditions of the market this you give you information about market basic full size, competition, customers. Part 2 identify market opportunities this le dara information more specifies about their potential problems or opportunities in a target market, this includes information about growth, current and future trends, external factors and more information about their competitors.

Part 3 develop strategies aimed at a market here is where market research shows you the way. Help you find opportunities for crecimeiento for your business. Understanding the market and knowing the opportunities that are available, you can create a strategy that separated it from its competitors. Then we will see 10 questions that can help you get started: 1. which is the market I want to reach? -Who they are? (Basic demography) – which is their main problem in relation to its market? Do-which their needs can be covered by the products or services in this market? Are 2. who my competitors in this market? -They are successful in this market? Do-they provide a product or service similar? -Which is the market share of my three more large competitors in the market? 3 Is there capacity for growth in that market? Is 4. which the size of that market? -There is space to grow? Do-this industry growing? Is it stable? Do saturated? Volatile? Declining? 5 That is different my product or service to the competition? 6.

How can I reach this market? Do-like this my competition reaching that market? -It is the way to more effective? -Are the alternate modes to reach that market? 7. What are my competitors in this market business models? -Are effective? Do-is there a way to do it differently or better? 9. That is what customers expect from this type of product or service? Is 10. which your competitive advantage in this market? Knowing the answers to these questions, not only your product or service help him if is required, but which will help you to find the best ways to reach their customers, price your products or services and finally a make more sales!