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Market Analysis Business Studies A2

This article will go over what is market analysis, methods of market analysis, reasons for understanding customers and what can market analysis achieve.

What is Market Analysis?
When a firm undertakes a detailed examination of the characteristics of a market:
  • The Market size.
  • Market Share.
  • Costs and difficulties entering the market.
  • Trends.
  • Patterns of sale.
Reasons For Understanding Customers
  • Satisfy their needs.
  • Understand customer demands.
  • Improve products to sell more.
  • Feedback of products.
  • To work out what prices products should be.
Methods of Market Analysis
  • Analysing Trends such as moving averages, extrapolation and correlation.
  • Estimating sales.
  • Forecasting.
What Can Market Analysis Achieve?
  • A higher knowledge and understanding of the market.
  • The ability to predict future changes in the market.
  • See where a new product USP (unique selling point) is needed.
  • Understanding target markets.
  • Increase in sales/revenue/market size.
  • Help to achieve marketing objectives.
  • Base price for products.

One Response

  1. Jonathan November 23, 2012

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