Market analysis can potentially save you a lot of time and/or money. Just imagine, a company introduces a product into the market and nobody wants to buy it. A market analysis beforehand would have helped one to avoid such a disastruos situation.
It usually reveals to the firm what the market wants (and lacks). It identifies how the firm can reach its potential consumers and appeal to their needs. Conducting a market analysis also helps firms identify when to discontinue certain services and/or products.
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To successfully operate in the market, it is important to explore it and get familiar with it. That is why there is a need to define the existing environment and find what the most important factors to your market are. Additionally, an analysis of the past market changes, trends and future predictions can be useful.
It is just as important to determine if there is a potential market for the new product. In that, it is necessary to determine who the buyers of analog products are, what are their buying habits, what the demand is and what are the market prices.
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For starters, you could simply start with a Google search of your planned product or service. For example, “Smart TVs”. The search engine will most likely give you a very good picture of your competition (in this example: “Samsung”, “LG”, etc.)
Once you have that, do your best to objectively analyse and evaluate:
- How excatly do they market / advertise?
- What are their (value) messages to the client?
- Where do they sell?
- What are their prices?
- and so on.
More important info bellow.
Good Business Tip #3: your web is your top sales person
Ways to research your business environment:
PESTEL analysis is for starting a new business or entering a foreign market.
This type of analysis provides you with a broad view of economics, politics, technologies, and other factors within your business field. It is considered to be useful to analyse your business with the PESTEL model if you are entering a new or foreign market since it allows you to meet the overall view of the general situation in the business sector.
Latvian economic reviews
Economic environment analysis is part of marketing analysis. It is useful to understand the overall economic situation in Lithuania for business establishment. All the relevant information on the environment can be found here.