Market Analysis Example: Step-by-Step Guide with Practical Example
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A Guide to Do-It-Yourself Market Analysis
If you want to quantify a market you need a method: we have created a free guide to do a market analysis with free tools in the company.
You can download it below or at the bottom of the page , after having read (if you want) why and when to do this type of analysis (But not only that: there is also another in-depth study on the marketing plan , which usually follows the market analysis):
The importance of market analysis
A small-medium business often needs to quantify the value or demand numbers for its products or services, but is unable to do so without a market analysis example.
By carefully analyzing the market, you can therefore have a whole series of useful information available for structuring a marketing plan that is appropriate for the market and the target audience.
Without a thorough and correct market analysis, however, you risk making wrong decisions that can cause serious damage to the company and its turnover.
Precisely for these reasons, many companies have now begun to carry out periodic market analysis activities.
There are two possible options in this sense: either carry out the market analysis directly in the company if you have a marketing expert, or have this research carried out by external companies with expertise in the sector.
The important thing in any case is not to make the mistake of underestimating this activity and to carry it out based on the company's products and market: knowing the market, the target audience, its tastes and interests means understanding how to act and above all how not to act.
When to do this type of analysis
There are cases in which the entrepreneur feels the need to research information and understand if there is actually a market demand . These cases are, for example, the launch of a start-up, the entry into new markets or the launch of new products/services.
Often, however, these cases lead to critical situations and negative consequences. For the launch of a start-up , for example, a theoretical business plan is built that is not based on actual data (data shows that 80% of start-ups fail within two years for this very reason).
Entering new markets, on the other hand, can lead to wrong choices such as choosing the unsuitable market, resulting in a waste of time and resources.
The launch of new products/services can sometimes lead to errors in the product's marketing mix (price, features, communication and distribution channels).
Our practical guide
For this reason, we have written a quick and practical guide that explains which steps to follow and which tools to use to complete your market analysis.
The contents of the guide are:
How to Find Information and Numbers About Your Market
Market potential assessment and quantification
Conscious Demand and Latent Demand : Why Quantify Both?
Informed question: free tools to use:
Latent Demand: Free Tools to Use
Case study : Market analysis for organic cream (step by step guide with practical example)
Video Transcript:
One of the most common requests we receive when we are hired for market research is to understand the potential of a market, that is, to understand whether or not there is demand for a product or service. This type of analysis is done when a new product is launched, when entering a new market or to confirm the level of one's sales. However, a small and medium-sized business often does not have the budget necessary to undertake this type of research, for this reason we have codified an analysis path that the company can do independently and created with free tools that you will find described in detail below. This path, this type of analysis can be carried out by SMEs to have this preliminary information for free and in complete autonomy. Happy reading and happy market analysis, bye!