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Market Analysis

Market Analysis

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Published by ClassOf1.com
Troubled with marketing management assignment in college? Reach out to us at http://classof1.com/homework-help/marketing-homework-help/

Market Analysis:
This article explains about market analysis. It also explains market segmentation and dimensions of market analysis.
Troubled with marketing management assignment in college? Reach out to us at http://classof1.com/homework-help/marketing-homework-help/

Market Analysis:
This article explains about market analysis. It also explains market segmentation and dimensions of market analysis.

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Published by: ClassOf1.com on Mar 29, 2014
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Marketing Management
 
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The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Subject: Marketing Management
 
Market nalysis
 What is Market Analysis?
Market analysis can be defined as a research or study of an industry’s overall market,
the results of which help a business in planning any future actions such as expansion, promotions, and purchases. It is designed to provide an understanding of a
company’s markets, help forecast their directions and aid in deciding how to expand the company’s business and make effective use of any new market trends. Market analysis acts as a foundation of a company’s core business
plan.
Market segmentation
Market segmentation helps in performing what may be called a differentiated market analysis considering various factors. Segmentation is an aspect of market analysis that proves to be vital for a business in manufacturing products in line with customer requirements. Market segmentation divides consumers on the basis of factors like geographical location, demographics of particular areas, consumer behavior, lifestyles, special occasions and expected benefits from products. Segmentation is a  base for an effective market analysis.
Dimensions of Market Analysis
 A market analysis comprises of several key dimensions. These are: Size of the market: Two factors determine the market size
 volumes and market potential. Market volumes refer to the current quantity of sales that has already been realized. Market potential, on the other hand, considers sales volumes that can be generated by potential customers and also how high the demand can possibly go.
 
 *
The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Subject: Marketing Management
 
Market size can be ascertained by using data from government databases and trade associations and also through customer surveys.
 Market Trends:
 Any rise or fall in the market situation over a period of time is known as market trend. Understanding market trends can prove to be essential especially in the case of a new business or the launch of a new product. Customer analysis, product researching, analyzing competitors and research advertising are some effective methods for figuring out market trends.
 Market Opportunity:
 This dimension of market analysis implies a product or a service that fulfills the needs of an increasing market better than rival products. The technology used in the product should also be better than other technologies used in the particular environment.
 Profitability:
 Market profitability is another dimension of market analysis. The profitability of a market is determined based on factors like the power of the buyer, supplier power, any entry barriers, substitution threats and rivalry between companies.
Cost structure:
 The industry cost structure is a vital aspect of market analysis. It is a key factor in determining any value adds and where cost cuts may be required.
 Applications
In business, market analysis can play a significant role in several important areas. Some of the key areas are forecasting of sales, extensive market research and formulating strategies for marketing. Conducting a market analysis is useful for any kind of business.

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