Marketing analysis is an analysis of the information received, which was collected through the implementation of marketing tasks, their unification, and transformation. If you look from the classical point of view, marketing analysis is a certain number of special analysis methods that are common in marketing and allow you to solve certain problems in your field.
This analysis involves the following goals in Digital Agency London:
- Assess the state of the market development, to understand what position the company has in a particular segment;
- Determine what will be the reaction to certain actions of the company in the market, and create a model of possible demand;
- To give characteristics for the different potential of the company – financial and economic, to understand what its competitiveness is;
- Provide a justification for the creation of the product from the point of view of marketing and conduct its testing for competitive opportunities;
- Create specifications for possible distributors according to certain criteria;
- To assess the possible behavior of competitors and their potential in terms of winning the market;
- Make a forecast on consumer preferences and their opinion of the company’s product;
- Give an estimate of the possible risk in a commercial sense.
Based on these goals, the marketing analysis forms from certain tasks for the analysis. Another important task is to assess how competitive a particular product is, which is planned to be introduced to the market. In this case, the risk assessment is subject to investment related to the expansion of retail chains; It also analyzes the effectiveness of several variants of different channels for the promotion of goods.
Product positioning and segmentation of the target market is important for analyzing the market (consumer) potential for those types of products that are planned for production by the company in the future, as well as to determine the characteristics of the company, which it must have to maintain a high level of competitiveness compared with companies operating in this market.
Therefore, product positioning and market segmentation are often considered as an integral part of such a business plan section as “Description of the industry (target market)”.
Marketing Analysis for Business
In this section of the business plan, it is necessary to highlight the following parameters that most fully characterize the specifics of the target market in which the company works or will work:
- market size (potential capacity, geography, continuous or fragmented market, etc.);
- trends and directions of development of the market, the stability of interests and orientations of the main part of consumers (their inertness, adherence to any specific products and trademarks);
- the expected future growth, stagnation or reduction of the market (forecast);
- specific features of the market (accessibility, high entry barriers, high level of competition, dynamism, etc.);
- a description of a specific market segment and a company’s market niche (a detailed description of its competitive advantages and differentiation parameters);
- plans for market expansion, access to other markets, production diversification, market consolidation, etc.
In this section of the business plan, it is important to give a forecast of the market development at least for the medium term (for the period of full payback of the investment project). An important factor for the investor to make a decision on the financing of the proposed business plan is an objective assessment by the applicant of the competitiveness of products offered for production (sale).
Within this section of the business plan, it is necessary to highlight the answers to a number of questions that most specifically describes the specific properties of the products produced and planned for sale, which determine their competitiveness.
Important tasks during marketing analysis:
- study of the existing demand for goods, as well as sales markets and the creation of a plan for the production and subsequent sale of a certain range of products;
- analysis of factors that lead to the elasticity of demand for the goods, the assessment of the possible risk for the case when the goods may not be sold; evaluation of competitive bids for goods and determination of reserves for increasing sales;
- the development of certain methods and strategies for the formation of demand, as well as the promotion of sales of goods; an assessment of how effective the sale of goods is.
Marketing analysis of the company is an important management function. Our agency is ready to cooperate, providing project management and marketing analysis of the highest level for its clients.
It is associated with the definition of specific strategies and tactics for the further development of the organization. In addition, analysis is also the creation of plans and specific decisions in terms of management, making forecasts for the organization’s work and changing the existing situation, preparing the necessary data for drawing up plans, assessing how the plans are implemented, monitoring marketing activities and detecting possible difficulties, as well as the identification of opportunities that are favorable; finally, the identification of those activities and strategies that are relevant to marketing analysis and evaluation.