Key Elements of A Market Analysis

Masters
Essay
Miscellaneous
Pages 3 (753 words)
Download 0
Market analysis consists of several key elements which help to analyze its potential and create a market plan. Market Analysis allows a company to identify the maximum units of a defined product or service capable of being purchased within a designated geographic area, during a designated time period, when supported by a realistic level of marketing activity…

Introduction

The market can be worldwide or just a three states. These boundaries are usually defined by the geographic areas in which the firm expects to be competing. The time component of market is affected by the stage of a product or service in its life cycle and the specific needs of the data user. An assessment of long-term potential is needed because major financial decisions have to be made about long-term commitments for plant, equipment, personnel, and the like. For existing products, market potentials usually cover shorter time periods because their primary purpose is to guide short-term decisions about production or promotion. However, as a product or service enters the later stages of maturity, longer-term potentials might again be sought to determine if and when it should be withdrawn from the market (Eden, Ackerman 1998).
Regional demographic characteristics and population growth can help to identify number of potential consumers and main trends in sales. Slower population growth combined with increased competition (from both domestic and foreign sources) means that the market will become increasingly competitive. The firms that will succeed will be those that make best use of information. Using information effectively is not an easy task because of the vast amounts available. ...
Download paper
Not exactly what you need?

Related papers

Key Elements of A Market Analysis
The market can be worldwide or just a three states. These boundaries are usually defined by the geographic areas in which the firm expects to be competing. The time component of market is affected by the stage of a product or service in its life cycle and the specific needs of the data user. An assessment of long-term potential is needed because major financial decisions have to be made about…
Market analysis.
In general, soft drinks manufacturers have adapted to the new ways of living by responding to the demand for healthier products. This has helped add value to their products and generate growth.…
Industry Analysis, Target Market, and Competition Analysis of Plastic Surgery Center in Morris County, NJ
Plastic Surgery Center in Morris County, NJ is one of the most well-known centers in this region. The present marketing activity of Plastic Surgery Center in Morris County profiles as well as overviews industry and situational analysis. A comprehensive overview of the SWOT and industry on the whole give insights on marketing strategy to follow in order to retain existing and attract new customers,…
The Importance of Strategic Management and its Key Elements
Strategy is formed at both corporate level (what industries/markets should we operate in) and business unit level (in what segments should we compete - and how). In their research, Strategic Management: Awareness, Analysis and Change, they focus on corporate level strategic considerations. The pace of change has significantly increased in recent years and the competitive arena has enlarged, driven…
Market Analysis for TESCO
That was exactly the case with Tesco having over 450,000 employees and over 3,200 stores today. A very humble beginning in 1919 when Jack Cohen began this journey gradually transformed the fortunes.…
Power Tool Market Analysis
Finally, the difference in the estimates is not material.…
Key Account Management Essay
But these are strategies effective only during the initial stage. Once positioning is established, all efforts must then be centred at maintaining a course whereby profitability is promising, incidental to an effective reason to improve. This is where Key Account Management or KAM is most useful. Key Accounts are those that provide high revenue and critical asset, requiring strong leadership and…