Market analysis Prepared by Tatyana Dyakova
Market analysis studies the attractiveness and the dynamics of a special market within a special industry. If you are starting a new business or launching a new product, conducting a marketing analysis is the first step in determining if there is a need or audience for your idea. Knowing the market's needs and how it is currently serviced provides you with key information that is essential in developing your product and marketing plan.
David A. Aaker outlined the following dimensions of a market analysis: • • Market size (current and future) Market trends Market growth rate Market profitability Industry cost structure Distribution channels Key success factors
Market size • • Government data Trade association data Financial data from major players Customer surveys
Market trends • • Customer analysis Choice modeling Competitor analysis Risk analysis Product research Advertising the research Marketing mix modeling Simulated Test Marketing
Market growth rate A simple means of forecasting the market growth rate is to extrapolate historical data into the future.
Market profitability • • • Buyer power Supplier power Barriers to entry Threat of substitute products Rivalry among firms in the industry
Industry cost structure The cost structure is important for identifying key factors for success. To this end, Porter's value chain model is useful for determining where value is added and for isolating the costs.
Distribution channels • Existing distribution channels • Trends and emerging channels • Channel power structure
Success factors • • Access to essential unique resources Ability to achieve economies of scale Access to distribution channels Technological progress
Applications These include: sales forecasting, market research, and marketing strategy. Not all managers will need to conduct a market analysis. Nevertheless, it would be important for managers that use market analysis data to know how analysts derive their conclusions and what techniques they use to do so.
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