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Key Elements of A Market Analysis - Essay Example

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Summary to essay on topic "Key Elements of A Market Analysis"
Market analysis consists of several key elements which help to analyze its potential and create a market plan. Market Analysis allows a company to identify the maximum units of a defined product or service capable of being purchased within a designated geographic area, during a designated time period, when supported by a realistic level of marketing activity…
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Download file "Key Elements of A Market Analysis" to see previous pages... The market can be worldwide or just a three states. These boundaries are usually defined by the geographic areas in which the firm expects to be competing. The time component of market is affected by the stage of a product or service in its life cycle and the specific needs of the data user. An assessment of long-term potential is needed because major financial decisions have to be made about long-term commitments for plant,
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equipment, personnel, and the like. For existing products, market potentials usually cover shorter time periods because their primary purpose is to guide short-term decisions about production or promotion. However, as a product or service enters the later stages of maturity, longer-term potentials might again be sought to determine if and when it should be withdrawn from the market (Eden, Ackerman 1998).
Regional demographic characteristics and population growth can help to identify number of potential consumers and main trends in sales. Slower population growth combined with increased competition (from both domestic and foreign sources) means that the market will become increasingly competitive. The firms that will succeed will be those that make best use of information. Using information effectively is not an easy task because of the vast amounts available. A firm that knows something about the demographics of its customers can use a clustering system to identify block groups that possess similar characteristics, and are thus high potential candidates (Simonson, Schmitt 1997). The addresses of customers can be traced to block groups, and the demographics of these block groups can be used to gain greater insights about the customers. Knowing the general demographics of groups will help a firm learn more about the characteristics of its customers.
The information about income and life styles, the number of buyers and their geographical location allows the company to segment the market. Critics underline that a proper balance is needed when defining the market to be segmented. If the market is defined too narrowly, the emerging segments may be too specific to be of marketing value. Conversely, if the market is defined too broadly, the emerging segments are likely to be of little practical value from a marketing perspective. Also, a market analysis should take into account geographic limits, people or firms who might use the product, users and non-users, the size of the market, the emerging segments and regional differences. Stating the purpose of the segmentation activities at the outset establishes the amount of effort and expenditures needed in the remaining steps of the process. For Able Corporation, it is important to analyze new markets and assess their size and a number of customers. In this case, the potentials for each segments (old and new markets), when combined, identify the overall market for PEPT (Simonson, Schmitt 1997).
Prices and competitors products are also a part of market analysis. Most products or services are available in different sizes and varying price levels. There are also a variety of sizes and price ranges for PEPT. Thus the product or service component of market should pertain to the market or market segment that is expected to be the focus of the firm's marketing efforts. Since durable products such as portable electric power tools are consumed over fairly long periods of time (until they become ...Download file "Key Elements of A Market Analysis" to see next pagesRead More
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