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Market Analysis

What is Market Analysis in Strategy Consulting?

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.

Why would you conduct a market analysis?

  • -It can allow you to evaluate the attractiveness of a market
  • -It can pinpoint future or current risks of operating in that market
  • -Market analysis provides a well-rounded view of potential markets
  • -It identifies market characteristics that may present themselves as opportunities or threats

What Should a Market Analysis include?

  • -Industry Statistics:

-> Figures that will help you define the industry such as:

    • Current size
    • Rate of growth
    • Trends in the market
  • -Competitor Analysis:

  • -> Who are your competitors in this market?

  • -> Strengths and weaknesses of competitors?
  • -> 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

    • Their demographics (age, location, gender, lifestyle preferences, income)
    • Potential size of target market
    • How you plan to reach them
    • Their potential purchasing power
  • -The product you’re going to sell:

  • -> Any data you have collected that proves your product will sell in the given market

Why is Market Analysis Important?

  • 1/ It focuses on the customer

Market analysis allows your company to understand why customers may use your product and tailor it to suit.

  • 2/ It forces your company to look inwards

Market analysis enables you to be completely objective and ask the question why customers would buy from you.

  • 3/ Market Analysis forces you to identify, evaluate, agree upon, and believe in your company’s USP

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.

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