Companies use market analysis to determine areas for growth opportunities. They include internal and external factors. Internal factors include cost of production, sales figures and operation costs. External factors include technological advancements, economic conditions and industry analysis. When creating a market analysis for publishing, the amount of detail included will depend on the publication, but there are several areas to include even as a synopsis to make the analysis complete.
Instructions
1. Review the need or demand for the product based on demographic and census information. This should include the total number of individuals or households where a specified need is determined.
2. Discuss the current penetration of the market that shows what area of the demand has already had its need fulfilled.
3. Discuss how technology or specific products meets the needs of the target demographic.
4. Review the specific features of a range of products that meet the needs of the demographic defined.
5. Discuss the cost basis of the product range that includes low-to-high end products. Review the demographics to determine where the majority of target consumers would fall.
6. Conclude with a discussion of what products or services best meet the need of the overall market demand. This should be based on which companies best fulfill the requirements of the product, the pricing that satisfies the economic conditions and the availability of the product or service.
