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Marketing analysis - Essay Example
Author : carlee86
Pages 6 (1506 words)
Lecturer’s Date: Market Analysis Introduction Market analysis is a procedure that aims at studying the dynamics and the attractiveness of a unique market in a unique industry. This is a process which is part of a company in which the strengths, weaknesses and threats of the company can be identified…
Information provided mainly helps a firm to make decisions on fields such as purchases, expansion or contraction of work force, inventory, promotional activities and expansion of facilities among other important fields that require decision making process in an organization. From this perspective, market analysis is useful to any organization because it acts as a guide through to how activities will be carried out in the firm. Without this process of analyzing the market, a company is not in a position to make decisions and know what products to distribute in the market. It is the demand in the market that guides firms on what to produce this means market analysis is of importance to every firm since the aim of a firm is to make sales and earn profits rather than experience loss. Marketing research is important in decision making as it plays some roles in the system of marketing. Marketing research is part of the intelligence feedback procedure of marketing. This research process helps to provide information used by decision makers to help them make necessary changes in regards to the situation of the market mix. Marketing research also acts as a means for carrying out exploration of new opportunities. ...