Market Analysis, is a way of getting an overview of consumers' wants, needs and beliefs. It can also involve discovering how they act. The analysis can be used to determine how a product could be marketed. SEPL believes that market analysis is a quintessence of marketing.
There are two major types of market research. Primary Research sub-divided into Quantitative and Qualitative research and Secondary research.
Factors that can be investigated through market research include :
Through Market Information one can know the prices of different commodities in the market, as well as the supply and demand situation. Market researchers have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets.
Market Segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, psychographic differences and gender differences. For B2B segmentation firmographics is commonly used.
Market Trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation.
SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. Not only should a SWOT be used in the creation stage of the company but could also be used throughout the life of the company. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes.
SEPL believs that Market Analysis is an essential tool which assists in making strategic decisions. It reduces the risks involved in making decisions as well as strategies.
SEPL is looking forward to work together with your organization on a new idea.
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