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  April 27, 2017   
Business Services Center
Marketing: Analyzing the Market Environment
Home :: Business Services :: Business Services Center :: Marketing :: Analyzing the Market Environment


In order to successfully promote and sell your product or service, you must know your business environment and target market.

Why do you think or feel your idea will be successful? Do you have a unique business proposition? Is it unique when compared to your competitors? You probably thought about new product lines, new businesses, or new locations. How can you reduce the risk?

The bottom line is that your idea must satisfy an un-met need for your customers or consumers in a way that provides more value than the competition. In order for you to know if your idea will satisfy un-met needs and provide superior customer value, you need to know as much as you can about the following:

Your competitors - Key questions to ask are:
  • Who are your competitors?
  • What are your competitors' strengths and weaknesses?
  • What are your competitors planning to do next?
  • What are your competitors' spending trends?

Your target buyers - Do you understand why they buy your products or services? Do you know what influences their decision to buy?
  • Culture
  • Demographics
  • Lifestyle
  • Psychology of wants and needs

The marketing environment - To be fully prepared, a company must recognize and understand:
  • Cultural influences
  • Governmental and political influences
  • Demographic and lifestyle trends
  • Local, national, and world economic trends
  • The strengths of multi-national competitors
  • The influence of technology on physical distribution

Local, state, and federal trade organizations are often the best source of information on the trends that are likely to influence your business.

Future market growth - How big is your market? Is it large enough for investors to consider it? Is it big enough to sustain your business and competition? What is the growth trend for the next five years? Once a market has been identified, how and where are you going to compete? Are you segmenting the market? Each total market must be examined in light of:
  • Size of the total market
  • Size of the market that is interested in your products
  • Size of the market that is available for distribution of your products
  • Size of the market that already buys competitive products
  • Size of the market that your company can serve
  • Size of the market that your company can reach with advertising and distribution





 
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