Answer to Question #303250 in Marketing for Hutchii

Question

What is an example of a market need analysis in preparation for your small business?

Answer 1

A market analysis is a thorough assessment of a market within a specific industry. With this analysis, you will study the dynamics of your market, such as volume and value, potential customer segments, buying patterns, competition, and other important factors.

An example is domestic and international subgroups, various neighborhoods where consumers live, or location of different stores owned by wholesale buyers. Another common way of segmenting markets is by psychographic characteristics .