There is another meaning of market analysis which is known as a documented investigation of a market. This document investigation is used to determine a firm's planning activities concerning the decisions of inventory and many other facets of a company. These are the basic definition of market analysis that are useful in completing your assignment.
Learn about the different dimensions of Market Analysis assignment
Our researchers who are involved with the real market analysis for many marketing firms can give you a good practical overview of all these dimensions. Market analysis dimensions are given below:
- Market size: Market size is nothing but the market potential and the volume of the market. Market volume is dependent on the number of consumers and their demand in a special industry. The market volume exhibits the sum of the sales volume of a special market. Apart from market volume, the market potential is also important. It defines the upper limit that a market can touch.
- Market Trend: Just like a normal trend in a share market it is the upward or downward movement of a market. It is relatively easy to see the market trend in comparison to the market size. Few of the common techniques are Risk analysis, marketing mix model, choice modeling, product research and many more.
- Market growth rate: A simple way to calculate the market growth rate is to play with the historic data. If we can extrapolate the historic data in future, we can easily come to the market growth rate numbers.
- Market Opportunity: A market opportunity product or a service, based on either one technology or several, fulfills the need(s) of a (preferably increasing) market.
- Market Profitability: This is an obvious fact that different organization has different market profitability and are subjected to different market conditions. Michael Porter gave a potential framework for evaluating the attractiveness of an industry.
- Distribution Channel: With the analysis of distribution channel, a significant amount of operational cost can be reduced. Other than this it also provides information about the existing distribution channel via which customer receives the product and services.
- Success factor: To achieve marketing objective there are few required success factors. Few examples of such factors are Access to distribution channel, progress in the field of technology, Ability to achieve the sales target and access to unique and essential resources.
Market analysis is helpful in other areas of marketing as well. Few of the area in marketing where our tutors provide help with are sales forecasting, market research, and marketing strategy. It is important for students to understand the use of market analysis data and to know how analysts derive their conclusions and what techniques they use to do so.
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