Lesson 7 Flashcards
(19 cards)
What is market analysis?
It determines how suitable a product or service is for the target market by examining customer, competitor, and industry variables.
What does “market” refer to in market analysis?
The interaction between customers and suppliers based on size, value, and types of suppliers/customers.
Why is market analysis important?
It informs decisions, identifies risks and opportunities, and supports marketing strategies.
What are some key reasons to analyze markets?
To analyze successes/failures, monitor performance, spot trends, reach new segments, and adapt to audience needs.
How does market analysis support forecasting?
It helps plan product development, set sales targets, and attract investors.
What are the six steps of market analysis?
Research the industry
Investigate competitors
Identify market gaps
Define target markets
Identify barriers to entry
Set sales targets
What are buying patterns?
Customer behaviors and habits related to purchasing.
What are the key factors in buying patterns?
Quantity: one, few, many
Frequency: once, often, daily, monthly
Timing: seasonal, annual, regular
Why understand buying patterns?
To plan offers, manage inventory, and schedule delivery logistics.
What is a market trend?
The general direction of change (up, down, sideways) in a market over time.
How do you research market trends?
Identify trends
Search for reports/data
Analyze graphs
Track trends regularly
Use trends to set priorities
Why are market trends important?
To stay ahead of competitors and support long-term planning.
How are market trends identified?
By comparing data over time to recognize consistent emerging patterns.
What tools and methods help identify trends?
Industry influencers
Publications
Digital tools/analytics
Competitor observation
Customer feedback
Social media
What is competitor analysis?
Examining similar brands to understand their strategies, strengths, and weaknesses.
Why conduct a competitor analysis?
Exceed standards
Differentiate offerings
Identify niches
Understand customers
Develop a USP
Measure growth
What steps are involved in a competitor analysis?
Identify competitors
Analyze size and turnover
Study business structure
Evaluate product benefits
Assess market positioning
Review marketing materials
Audit brand/customer loyalty
Follow customer journey
Check audience engagement
Conduct a SWOT analysis
After market analysis, how can a business prioritise actions?
Identify product improvements
Adjust pricing strategies
Enhance brand awareness
Define customer value
Improve customer journey
Create relevant content
Develop a social media strategy
Be present on all key marketing channels
What determines which priorities a business should focus on?
The type of business, industry context, and target market.
