
Compared features of competition


A market analysis is an evaluation carried out in order to assess the suitability of a particular market for your industry. This may be before increasing efforts in your current market, or before expanding into a new market.
-> Figures that will help you define the industry such as:
-Competitor Analysis:
-> Who are your competitors in this market?
-> What is currently preventing you from entering in this market if anything?
-Market Test Results:
-> An outline of what was found in your initial market research investigation
-Target Market:
-> Analysis of target customer
-The product you’re going to sell:
-> Any data you have collected that proves your product will sell in the given market
Market analysis allows your company to understand why customers may use your product and tailor it to suit.
Market analysis enables you to be completely objective and ask the question why customers would buy from you.
When determining how you’re going to differentiate yourself from the competition, it forces you to pick a method of differentiation and analyse how you can use it effectively to enter the market.
If you'd like to read more about:
• Integrating market analysis into your business plan, have a look here: Market Analysis For Business Plan by The Business Plan Shop
• The content of a market analysis: by Entrepreneur.com
• How to write a market analysis: by The Balance