A market analysis examines the various dimensions of a market or business. It is essentially the layout of the market in which the organization wants to operate and contains all of the necessary market information.
Both internal and external variables influence the organization. The organizations perform a SWOT and PESTLE study. The SWOT analysis is a study that assists a company in identifying its internal strengths and weaknesses, as well as external opportunities and threats in the industry. The PESTLE analysis is used to investigate the macroenvironment outside of the organization.
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Companies use SWOT analysis to determine their company’s strengths, weaknesses, opportunities, and threats.
- Strengths
Several elements might contribute to a company’s strength, including:
The benefits that the organization has
- Industry competitive advantage
- The resources that are inexpensive and distinctive and are not available to others
- USP is the organization’s unique selling proposition. These are the company’s strengths and the most important internal aspect that significantly impacts market analysis by marketers.
- Weaknesses
The following are examples of organizational flaws:
What can be done to improve the organization
- Activities that must be avoided to promote growth
- Things in the organization that market participants dislike
- Factors affecting the organization’s sales, and the effect here, refers to the negative consequences that lead to a decrease in sales.
Before undertaking market analysis, the organization must first identify its weaknesses.
- Opportunities
Opportunities exist outside of the organization’s context. To expand, the company must seize possibilities. Opportunities include:
- Market technological developments, whether on a large or small scale
- Changes in the government’s policy concerning the industry
- Threats
The following are the organization’s threats:
- The external environment’s challenges to the organization
- The industry’s competitors
- Threats posed by changing technologies
- Problems with debt or cash flow
- Benefits of Marketing Analysis
- Marketing analysis aids in the development of communication with a company’s potential clients.
- The most significant advantage of conducting a marketing analysis is that it aids in discovering market opportunities.
- Market trends can be discovered using marketing analysis, particularly useful in product development.
- The market study aids in the development of the company’s reputation in the industry.
- Marketing analysis disadvantages
- The market study does not ensure the long-term success of the business.
- Another issue is the distortion of market data gathered through market analysis. Employees distort the statistics, resulting in the demise of the business.
- The data collection methods utilized for data collection while studying the market are not always appropriate, resulting in corporate losses.
- The costs associated with marketing analysis are extremely significant. To undertake an effective marketing analysis, the company must pay significant costs.
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