What Is Market Analysis?

What Is Market Analysis?

1 Answer

  1. Market analysis is the study of factors that affect the market’s growth. It is a quantitative technique used to assess the target market.
    Market analysis is important for the following reasons:
    1. Customer first: In market analysis you analyse your target market, hence you put the customer first to understand their preferences and behaviors which you can incorporate in your product offering or market strategy.
    2. Company’s internal analysis: Market analysis forces the companies to objectively analyze their product and understand the short comings keeping in mind the target market.
    3. Determine USP: Because of market analysis you identify your Unique Selling Point also known as USP as you try to determine what is the differentiating factor in your product.
    Here is an article to help you better understand the topic market analysis: https://www.feedough.com/market-analysis-how-to/

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