Marketing Analysis: Tips, Tools, Methods, and Guidelines

marketing-analysisThe knowledge of marketing analysis is indispensable for business administrators and entrepreneurs. It is a collection of methods that examine the behavior of customers and competitors. This article is aimed at showing how this analysis can be carried out. It will also describe different tools that can support it.
 
Marketing Analysis: Questions That You Should Ask First
 
People may have to examine the market for various reasons. For example, any company that intends to develop a new product or to offer a new product to customers has to understand market trends and clients’ needs. In any case, there are several questions that people normally ask before starting a market analysis:
 

  1. What qualities distinguish the product that your company produces or intends to produce from other existing products?
  2. What kind of customers does the company intend to target? What are their demographic and psychological characteristics?
  3. Which characteristics of the product or service are of the greatest importance for the clients?
  4. Which segment of the market population will be most profitable for the company?
  5. Is the market in which the company operates open to new entrants?
  6. What are the main strengths and weaknesses of the company’s competitors?
  7. How can the company gain a competitive advantage over its rivals?

Marketing Analysis: Main Aspects to Focus On
 
The analysis of marketing trends has to be based on quantitative and qualitative data. There are several important indicators that you should take into account:

  • The number of companies which operate in your industry. It is also necessary to determine whether this industry becomes consolidated or dispersed.
  • The purchasing power of customers.
  • Demand for the product.
  • Customers’ main priorities and their lifestyles.
  • Potential profitability of the market.


analysis-of-marketingMarketing Analysis: Tools That You Can Use
 
A successful entrepreneur or a future business administrator should be able to use various market analysis tools. These methods can be applied to analyze both quantitative and qualitative data. Here are some methods that you can find rather helpful:

  1. SWOT analysis. This method can help managers analyze the strengths and weaknesses of the company or its products. Moreover, this tool can identify the opportunities that a firm can explore and the threats that it faces.
  2. Porter’s Model of Five Forces, which is used to examine the intensity of competition, suppliers’ bargaining power, customers’ behavior, substitute products, and market trends.
  3. Statistical surveys that enable companies to collect information about customers’ preferences, needs, or opinions about specific products. The responses of people can be transformed into statistical data. For instance, in this way you can determine which characteristics of a product are most important for clients.
  4. Segmentation analysis, which is used to determine demographic characteristics of customers, such as age, sex, or educational level.

Hopefully, now you have a good idea about the principles of marketing analysis. Yet, you shouldn’t forget about various books and articles that tell you a great deal about this type of research.


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