Market Analysis

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Market analysis is an important task to do before you start a business. It is basically a standard investigation that yields research about marketplace where a company has to establish. Market analysis very much related to SWOT, PEST, and Porter 5 force model analysis just to determine the company’s position according to different parameters of marketplace. An organization may bring necessary changes in some affected areas like inventory, work force, purchases of material and capital equipment, facility expansion and promotional activities.

The main objective of a market analysis is to determine the future attractiveness, opportunities and threats that relate to strength and weakness of the business.

These are the following dimensions of a market analysis:
• Market size (current and future)
• Market trends
• Growth rate of market
• Market cost-effectiveness
• Industry cost structure
• Distribution channels
• Key success factors

Market Analysis of Restaurant Business

Many of us has dream to open a restaurant. Still thinking to start restaurant then please read these editorial before established business. Before you start a business and invest money we should conduct research of the focused market, industry, competitor’s etc. to reduce the failure of the business. First of all we should do industry analysis and after conducted industry analysis, we should able to give answers of these following questions:

•Have you ever established your business in food industry?
•Is food industry in growth stage?
•There are any latest changes in regulation in food industry?
•What are the major trends in food industry?

Market Size analysis:
•Physical area of your market
•Numbers of potential customers in your zone?
•Market is in urban or rural area?

Then it comes to conduct analysis of target customers that can be done like:
•Who are your target customers? (Individuals, small businesses)
•What about demographic makeup of target customers? (Gender, age, occupation, location etc.)

Rivalry:
•How long you have been in your business?
•How much business you have done?
•Your strengths and weaknesses?
•Why customers prefer you instead of your competitors?

All of the above is an appropriate method of conducting market analysis that can help you to make compact business strategies to develop your products/services. This analysis will provide valuable information about current and future market condition to help the business management to forecast the budget and make necessary changes in the business strategies. Before you going to start a business do necessary research to avoid future failures. Now a days so many fresh and young entrepreneurs start business before done proper research which make then disappointment. So start doing market research…………….



Thanks a lot to my all readers. I will come up with new topic next time. So keep reading………;-)



Source:Various sites from Google
December 21, 2011 | Posted by Mona

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