Key Elements of A Market Analysis - Essay Example

Only on StudentShare

Extract of sample
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 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enters the later stages of maturity, longer-term potentials might again be sought to determine if and when it should be withdrawn from the market (Eden, Ackerman 1998).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. ...Show more

Summary

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…
Author : bogankrystal
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Key Elements of A Market Analysis"
with a personal 20% discount.
Grab the best paper

Related Essays

Market analysis.
The fresh or chilled subsector accounted for 11% of the fruit/vegetable juice sector in volume terms in 2004. Juices (especially the launch of the Tropicana brand extensions) have been a key driver of growth in the soft drinks industry in UK from 1999 to 2004.
8 pages (2000 words) Essay
Industry Analysis, Target Market, and Competition Analysis of Plastic Surgery Center in Morris County, NJ
Among all these various flourished and well-known industries, one industry which has grown to large extends with everyone's interest is known to be the Plastic Surgery industry. Plastic Surgery industry is a vast industry in which there are several big, medium and small players who are working as independent centres or somehow are involved in the cosmetic industry.
15 pages (3750 words) Essay
The Importance of Strategic Management and its Key Elements
It is often asserted that the modern environment is so complex that it is impossible to capture reality with the aid of any formal model. Strategic management is a process geared at detecting environmental threats and turning them into opportunities. Thompson & Martin (2005) state that strategy is the process of deciding how to best position the organization in its competitive environment in order to achieve and sustain competitive advantage, profitably.
8 pages (2000 words) Essay
Racism in Britain
For centuries, people have tried to eliminate racial and nations differences and inequalities creating democratic societies based on equal rights and equal treatment of all citizens and immigrants. In Britain racism creates an image of white and non-white people.
4 pages (1000 words) Essay
Market Analysis for TESCO
It was in year 1929 that Jack Cohen opens his first Tesco store in Burnt Oak, Edgware, North London. And there's no looking back since then. Tesco has a long term strategy for growth, based on four key parts: The Glorious past: It is said that journey of 100 miles begins with one single step.
12 pages (3000 words) Essay
Key Account Management Essay
No matter how original and important a product may be to a consumer, eventually the emergence of other more trendy and better ones shall render it less popular and in the long run negligible. The sustainability of a product is constantly dependent upon the support given by the supplier including among others: the marketing strategies that enable wide recognition to all levels of consumers; a promotional tactic aimed at creating "the need" among consumer thereby assuming a stronger foundation for product positioning in an ideal market segment consequential to loyalty and patronage.
5 pages (1250 words) Essay
Market analysis
The industry has been undergoing major loses around the world. In the United States the industry has laid off thousands of workers despite governmental intervention which saved the industry from total collapse. The United States government gave the auto industry a
3 pages (750 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT