Analyzing Market Information:
One of the important functions of a marketer is to gather and analyze market information. Marketing analysis is basically a business plan that presents information regarding the market in which you are operating in. This is necessary to identify the needs of the customers and take various decisions for the successful marketing of the products and services. This is important for making an analysis of the available opportunities and threats as well as strengths and weaknesses of the organization and help in deciding what opportunities can best be pursued by it
For example, rapid growth is predicted in several areas in the Indian economy; say in the use of internet, market for Cell phones and several other areas. Which of these areas a particular organization should enter or in which area should it expand requires a careful scanning of the strengths and, weaknesses of the organization, which is done with the help of careful market analysis.
- Getting the Information: The information sources that will help you conduct a market analysis are different for every business plan.
- Segmentation: Always try to divide your target market into useful slices or segments.
- Market Size and Growth: You need to be able to measure and quantify your market.
- Market Trends: You need to understand what’s going on in your market.