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(v1-1.2) Market analysis

 

   
   
   
   
   
   
   
   

situation analysis

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What is market analysis about?
click to LEARN more about market analysis    In order to understand the idea of competition, the dominant markets of an existing
business must be identified and explored. Part of 
marketing research is the analysis of the market. We are into market analysis which is part of marketing analysis.

There are three issues to be explored:

1. To identify those markets in which the existing business plays a role and has a share; a market shareSecondly, it is important to rearrange the markets in order of their
 importance to the business, starting with the main market. In the example of a
large restaurant four markets were identified: restaurant, bar, small banquets, and food delivery > learn more

A practical tip!
Contact two to three experts working in the field of your business who have an overall perspective of your main market, especially those with the resources to contact others in the field for consultation. It is not significant that these experts
have a familiarity with your specific business.

It’s recommended to ask those experts to convey the weight of the four competitive forces out of 1.0 as presented in the above table (Table 2). You can calculate their average and use it!


Selected "quotes" from sample marketing plans
The level of competitiveness of our prime market continues to increase and has become 8.2 out of 10, some 12% more then last year. As a result we should increase the offer of our existing family business.
Seafood restaurant, Manchester, UK

What can you write in YOUR marketing plan?
The markets in which we have a stake in are...
The actual level of competition in our market 
is estimated to be...
Our market share is estimated to be...




   
   

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