If you need to conduct a market analysis you must first understand where your opportunities lie, and where there is room for growth. A marketing analysis can be time-consuming and complicated but there are ways to break down the process so you have a guide through this task.
You first must ask yourself what is currently occurring in your industry. In other words; What trends will help you or hold you back in your industry? The second thing you must do is identify who your competitors are in the industry and breakdown what makes them successful and why it allows them to dominate.
Third, ask yourself; What is happening with my customers? Always understand the needs and wants of your targeted audience, and rise to meet those needs. Finally, look into your own company and evaluate your current market performance. See what opportunities may arise to help your further your business.
These question are generic, and will need to be customized to your industry and your company to provide better results. If you want to learn more, watch the video for a more in depth explanation of marketing analysis and what you need to think about to achieve success.
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