It won’t make a difference what kind of business you have or what kind of company you own you have to understand the market well and analyze it and understand the size of the market and what your competitors do so market analysis must be a part of your marketing plan and the dimensions of it.
What is Market Analysis
Market analysis studies the properties and the dynamics of a specific market in a special industry also it is an assessment, which allows you to determine how suitable a particular market is for your industry, and the market dimension will help you in your analyzing.
Dimensions of Market Analysis
Simply market size of the number of customers that will buy your products, the market size gives you an idea how big is the market, what is the potential sales volume, and volume sold most of the companies wants to have a big market but the bigger market is the bigger competition you will be in.
You can measure the size of your market in many ways but the best of them are the information from trade associations, government research, customer surveys, different types of financial data and you can make primary researchers and secondary researches.
Market Growth Rate
Your market size won’t be always the same it might grow and may not, and the market growth is the size and sales through a specific target market over a given period of time.
You can measure the market growth by using indicators such as the year-to-year trend in the industry, the trend in the number of customers, the size of purchases per client.
The market trend is simply what people buy in a specific period of time. Market trends are the key source of new opportunities and threats, and understating the market trends will give you a knowledge of you can sell.
You can measure the market trend by higher highs and higher lows, discretionary analysis, and the 50-period simple moving average, and other ways such as making surveys to ask customers about their needs.
Assessing The Competition
It is very important to assist the competition in the market and deep understand what do your competitors do what their strengths and weaknesses are, what they are offering and where is your position among them in the market.
You can assist the competitors by investigating your competitor’s website. look at their products, and how are they presented also ask your customers what they like about your competitor, and try to follow their news.
customer Description and Segmentation
The market description is understanding the geographic, demographic, psychographic beliefs, and behaviors that affect your products and the customer characteristics and segmentation is the process of dividing a market.
You can measure market description and segmentation by knowing the geographic, demographic, psychographic characteristics of your customers.
In conclusion, marketing dimension is concerned with the specific processes that form the market value of the firm’s brand and products position in the market.