software development
overview
What is Market Analysis?
A market analysis is a quantitative and qualitative assessment of a market. It examines the market size, various market segments, customer buying patterns, the competition, and the economic environment.
Experienced research firms understand how to conduct a market analysis so that it is both comprehensive and concise, answering a range of questions, including (but not limited to):
- What is the market size?
- Who is the target customer?
- What is the competitor environment?
- Is the market growing or contracting?
- What are potential disruptors?
If you want your business plan to be successful, you will need to carry out a market analysis. A comprehensive market analysis forms the basis of the development of a marketing strategy and concrete marketing measures.
Further reasons for conducting a market analysis:
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- With a market analysis, you can back up your business idea with figures, data, and facts, and therefore provide a convincing business plan.
- You can recognize market potential at an early stage and avoid making the wrong decisions.
- You can identify any existing knowledge gaps and fill them in on time.
- A market analysis shows you which competing products are already on the market.
- With a market analysis, you can identify the market entry barrier and estimate the market attractiveness.
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