Nama : Gabriella Ester Miranda

Nim : 042352031
Semester : 3

To Be A First Mover In A Business, You Should Do Market Analysis.

I agree with that statement. This is because by doing a good and precise analysis, you will better
understand the real market conditions so that the strategies taken to market your products will
work well, so that your business profits will increase. Market analysis is an activity of analyzing
or organizing to study various problems regarding market conditions. This market analysis is an
important thing that everyone must know and also becomes the basis and basis for the next
marketing strategy.

Determining the target market is very important because the company cannot serve all
consumers or buyers in the market. There are too many buyers with diverse or varied needs and
wants, so the company must identify which part of the market it will serve as its target market.

Thus, business success will affect how well and precisely market analysis is carried out.

There are several steps that you should know before conducting a market analysis for maximum
results, here is a list:

A. Determine the relevant market

In conducting a market analysis, the first step you should take is to understand the market
first. Generally, there are many types of products that consumers are interested in to meet
their needs. Most of the products on the market have other alternatives.

For example, in the field of public transportation, Garuda Indonesia and Citilink are
airlines that can be substitutes for each other.
B. Analyze primary demand

From the airplane versus train example, you can analyze these consumers, what factors
make them choose one of these transportations.

C. Analyze selective demand

In this case, you must be able to analyze consumers who are loyal to one brand, what is
the basis.

D. Market Analysis to Determine Market Segments

If all the data has been collected, you only need to group consumers into the appropriate
segments so that the products you have are not mistargeted.

E. Analyze competition

You can compare the competition to the products you have, so that later your products
will not lose out when they are in the market. Find all the advantages and disadvantages
of competing products, then implement them on your own so that you have a better
product than competitors.

F. Market Analysis for potential targets

If you have done everything, the last step is to search for potential customers to create
satisfied and loyal customers with the products you have.
In general, the benefit of market analysis is to provide an overview of the target market
for a product being sold. Furthermore, the company can develop product positioning and
marketing marketing strategies for each product in question. Please note that there are
important benefits that can be obtained after carrying out the steps of conducting a
market analysis, the following are the benefits:

a. Get consumers

By doing the right market analysis, you will find it easier to get consumers.
Because the products you sell are in accordance with what consumers need.

b. See the competition

When you open a business, it could be that there are already business competitors
who opened the same business as you first. With market analysis, you can find out
about the weaknesses and strengths of competitors from your business, so you can
beat existing businesses.

c. Take advantage of opportunities

One way to take advantage of existing business opportunities is to differentiate

them from existing products on the market. By doing a market analysis, you can
find out what opportunities are still rarely competitive and the prospects for the
future are good.

d. Reduce risk

Every business has its own risks. With market analysis you can reduce the risks
that occur from product failure to the risk of business failure. But by doing
market analysis, this risk will be reduced, you can even avoid it.
e. Long-term plan

Conduct market analysis. You will know the long-term steps forward for running
the business. By having a good business plan, you will not be confused in
determining the steps to achieve success.