What is Market Analysis?
The market analysis deals with the attractiveness and the constant change of a specific market within a specific industry. The market analysis provides insight about the industry analysis and thus in turn throws light on the global environmental analysis. These all aspects of analysis help in the SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats, and this can be used to identify all these aspects of a company at a given point in time.
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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. If you need help with marketing assignment because it is too tough to handle, then we can make it easier for you. We have some of the best industry assignment experts working as assignment writers in our team and they can surely help you in your academic journey. All you need to do is to ask for help and you will be sorted. Trust our team with all your marketing analysis assignments and move towards good grades.
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 modelling, product research, sales and promotion 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, fulfils 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 the 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 a few required success factors. Few examples of such factors are Access to the 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.
In case the above-listed management subjects do not include what you require, don't worry. This is just a brief overview of the subjects we cover. Other than these, we include various other subjects such as marketing segmentation. You can get solutions for every management based issue.
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Market Analysis Assignment Sample - McKesson Corporation from health case industry
Chosen Health Care Organization
McKesson Corporation is one of the leading healthcare organizations in the United States of America. It deals in the distribution of pharmaceutical products and it provides medical supplies, health information technology, and care management tools. It was founded in 1833 in New York City. It has its headquarters located at Irving in Texas in the United States (McKesson Corporation, 2020).
McKesson is one of the Healthcare organizations that have adopted modern technologies such as pharmacy robotics, barcode scanning, and RFID tags. It is one of the reputed organizations in the Fortune Global 500 Company and it has been ranked as the 6th highest revenue-generating organization in the United States. It provides an extensive infrastructural network for the entire healthcare industry. It has a strong brand portfolio. It is quite successful in developing prudent and sound marketing strategies for its deliverables. It enjoys a higher level of customer satisfaction with its dedication to customer relationship management and the development of brand equity (Phadermrod, Crowder, & Wills, 2016). It enjoys lucrative returns on capital expenditure. It has a successful track record of mergers and acquisitions that have integrated complementary firms. It has been able to develop a robust dealer community where it focuses on our culture among dealers and distributors. It has a superb performance in emerging and new markets based on its expertise and this has lead to the new revenue stream and diversification of the economic cycle risks in its current markets. It also enjoys the advantages of having a strong base of excellent and reliable suppliers that enhance the quality of the ingredients and it enables it to overcome the bottlenecks in the supply chain (McKesson Corporation, 2020).
McKesson suffers from the gaps In its product range. an important weakness of the organization is the slow investment in modern and new technologies. The net contribution percentage and profitability ratio is observed to be below the industry average. In handling challenges posed by the new entrants, McKesson has been facing difficulties. Financial planning is ineffective and inefficient to some extent (Rouse, 2017). There is an issue of incompatibility between its current business model and organization structure. It also suffers from ineffective diversity management.
It can differentiate its pricing strategies in different markets with the support of technology. It can provide more opportunities to its customers with the support of online channels. It can focus on market development by analyzing government agreements and new technological standards. It needs to invest in technological resources to retain its position in the market over its competitors (McKesson Corporation, 2020). Value-oriented propositions can be used to attract new customers and to transform existing customers into loyal customers. By knowing its customers effectively, it can utilize Big Data Analytics to serve their needs and this opportunity can be leveraged by the organization with the help of ceaseless Innovation and focus on technology (Ghiasipour, Mosadeghrad, Arab, & Jaafaripooyan, 2017). New Environmental Policies can help McKesson to drive its advantages over its competitors with the support of new product categories and technologies. Differentiating pricing is another important opportunity for the organization (Osita, OnyebuchiR., & Justina, 2014).
The new entrants are major threats. The demand for the profitable products of the organization is seasonal and it suffers from declining profitability in the lean seasons. Environmental regulations can be major threats. Liability laws and legislative regulations in different nations are found to be different and can compel McKesson to face different liability claims. The cost of raw materials is rising. It can face fluctuations in currency and political climate. It can face challenges of lawsuits because of continuous fluctuations in product standards and laws in international markets. Another important rate is the low-quality products of other organizations and the threat of imitation can be detrimental to the organization (Varkar, 2020).
The organization should come up with an effective marketing plan with the help of which it can ensure optimum utilization of resources to avoid wastage of resources, money, and time. It should consider effective planning that would ensure the cost-effectiveness and achievement of the goals and objectives. McKesson needs more investments in the domain of new technologies to expand into different geographies and enhance its scale of expansion. It needs to bridge the gaps in the range of products it sells. It needs to add more choices to its product portfolio. To overcome the challenges imposed by the threats of new entrants, it needs to develop an internal feedback mechanism that would be operated directly from the sales team to handle the challenges (Silva, 2013). It needs to develop a compatible organization structure that would fit in its current business model and enhance opportunities in the expansion in different product segments. It needs to focus on effective mergers and acquisitions based on cultural diversity. It needs to come up with an effective diversity management mechanism to overcome the challenges and failures in merging forms from different work cultures (Osita, OnyebuchiR., & Justina, 2014).
Ghiasipour, M., Mosadeghrad, A. M., Arab, M., & Jaafaripooyan, E. (2017). Leadership challenges in health care organizations: The case of Iranian hospitals. Medical journal of the Islamic Republic of Iran, 31, 96. https://doi.org/10.14196/mjiri.31.96, 1-8.
McKesson Corporation. (2020). Making better care possible. Retrieved from mckesson: https://www.mckesson.com/About-McKesson/
McKesson Corporation. (2020). McKesson International. Retrieved from mckesson: https://www.mckesson.com/McKesson-International/
McKesson Corporation. (2020). Our Businesses. Retrieved from mckesson: https://www.mckesson.com/About-McKesson/Our-Businesses/
Osita, I. C., OnyebuchiR., I., & Justina, N. (2014). Organization’s stability and productivity: the role of SWOT analysis an acronym for strength, weakness, opportunities and threat. International Journal of Innovative and Applied Research (2014), Volume 2, Issue (9), 23- 32.
Phadermrod, B., Crowder, R. M., & Wills, G. B. (2016). Importance-Performance Analysis based SWOT. International Journal of Information Management, 1-34.
Rouse, M. (2017). SWOT analysis (strengths, weaknesses, opportunities and threats analysis). Retrieved from techtarget: http://searchcio.techtarget.com/definition/SWOT-analysis-strengths-weaknesses-opportunities-and-threats-analysis
Silva, N. (2013, may 17). Importance Of SWOT Analysis In Your Marketing Plan. Retrieved from tweakyourbiz: http://tweakyourbiz.com/marketing/2013/05/17/importance-of-swot-analysis-in-your-marketing-plan/
Varkar, V. (2020). McKesson Corporate SWOT & PESTLE Analysis. Retrieved from swotandpestle: https://www.swotandpestle.com/mckesson-corporation/