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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.
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- - 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.
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- When you are considering a new product or service. Why should you conduct a market analysis?
- To minimize business risks.
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- To understand the problems and opportunities.
- To identify sales opportunities.
- To plan your marketing/sales approach.