Answer to Question #219395 in Management for Prabhdeep

Question

SUBJECT : ADVERTISING AND SALES MANAGEMENT

Describe the strategies for market analysis, ELABORATE IN DETAIL IN POINTS ?. How (ELABORATE IN AT LEAST 8 POINTS ) do these help the organization to achieve its objectives?

Answer 1

Market analysis is assessing and evaluating the variables of a market within an industry to know what is happening in the market.

The goals of market analysis are as follows:-

a. To find out the attractiveness of the market.

b. To find out the new business opportunities.

c. To know the needs and behavior patterns of the customers.

Market analysis can be done by researching the customers and their competitors, deep view of the market to know the market's future potential, and assessing business environmental factors such as economic factors, political factors, demographic factors, technological factors, etc.

Target market analysis is the process of classifying potential customers to whom the company sells its products or services.

This can be done through the following steps:-

1. Analysis of the current customer base of the company.

2. Check who the competitors are.

3. Analyse the features of the products or services.

4. Consider factors to target the specific customer group according to age, gender, income, occupation, personality, attitudes, behavior, etc.

Industry analysis is the process of evaluating the factors affecting the development of the industry, such as economic factors, political factors, demographic factors, market factors, etc.

Industry analysis can be done through reviewing all the available documents and reports to know the in-depth information about the industry, choose the correct approach to select the right industry, analyze the scenario of demand and supply for the particular industry or product, analyze the competitive scenario using porter's five forces model, analyze any recent developments.

SWOT analysis is the technique to assess the business's strengths, weaknesses, opportunities, and threats.

The following steps can conduct SWOT analysis:-

1. Firstly, describe the objectives and goals of conducting a SWOT analysis for the new product or service.

2. Search for information about the industry, market, and competitors' business.

3. List all the strengths of the business related to employees, company, resources, etc.

4. List all the weaknesses of the business, which include lack of skilled employees, lack of resources, lack of potential customers, etc.

5. List all the potential opportunities of the business, which include development in information and technology, change in government policies, increasing living standards of their customers, etc.

6. List all the threats to the business, which include unemployment, increasing interest rates, increasing competition, etc.