It has come to the knowing that a lot of companies, organizations, individuals failed in their quest to gain relevance in their Market environment because they lack the detail knowledge of the Market. That is the reason some companies even with high quality products and services are not among the top gainers in the market because they lacked the understanding of the market. So this course is aimed at bridging the gap, You will agree with me that marketing is the bedrock of every successful business.
Marketing analysis is the practice of measuring, managing and analyzing market performance to maximize its effectiveness and optimize return on investment (ROI). So understanding marketing analysis allows marketers to be more efficient at their jobs and increase market share for greater profitability.
It basically made as a business plan that presents relevant information pertaining the market your business operates.
Having the full understanding of the market will enable you know the:
This course will also provides answers to some of your heart bordering marketing questions like:
These and many more you will learn from this course. Without much Ado lets proceed to the course in detail.
At the end of this course you will be able to analyze your Market effectively and know how to formulate strategy for better decision making that will turn your business around for positive growth.Also, you will learn how to research your competitors and be able to fashion out the best way to compete favorably with them. Knowing the market size and the business environment will surely give your business an edge over your competitors.
This lecture will you afford you the benefits of analyzing your market for business progression, identifying the position of your business in the market, having better knowledge of the consumers and other variables that drive the market, it will still afford you other opportunities that exist in the marketplace. Not only that it will expose hidden potential problems that could hinder your business operations. And interestingly, it will make you plan ahead since you have all the necessary information regarding the market, also, follow the market trends.
You can never be successful without working with relevant tools, so in this lecture you will be thought some vital marketing tools that will help you sell/market your products and services effectively and efficiently. Tools to monitor traffics, traffic rankings, spying your competitors, watching social media activities, tracking keywords and backlinks, curate social data and analyzing social media followers.
Questions relating to the proceeding Section
From this lecture Competitive Market Analysis, you should be able to understand or learn about your competitors' marketing efforts and strategies as well as learning about their strength and weakness. To enable you formulate a better strategy to outweigh them.By identifying and combating potential competitive marketing threats. And applying models for strategic decision making to foster your position in the market. Applying analytic techniques to improve your marketing strategies of your organization. This will enable you to consider Customer Awareness, products quality, product availability, technical support and the selling staff.
In marketing environment, you don't just be a spectator but active partaker, an for you to achieve this you need to know some relevant steps to take to be relevant in the market.
You must compare your products/services with that of your competitors to ascertain whose products/services be accepted by the consumers in the market. Must provide answers to WHY questions.
Concentrate on your area of your strength and improve on your weaknesses. Look at how you are positioned in the market and seek the general opinions of the consumers.
You should know from this course if your product quality compare with that of your competitor and how to improve in order to out class your competitors. Also, we should consider the Growth rate of the market, that will enable you to take a better decision whether to increase your input or if the market will accommodate your input. What is or should be your market share is very necessary to look into for you to be able to take a rightful decision regarding the market. Does the size of market warrants you increasing your capital/resources in the market? Importantly, you must observe their marketing strategies to equipped you for better market competition. This you will know in this .
You will agreed with me that the essence of competitive analysis is for you to know your competitors, their strategies, products and or services for you to compete favorably and formulate a better strategy. I will make you know your customers and even new ones in the market. It will make you to be informed/keep you abreast of the latest developments in your industry, To enable you forecast competitors’ strategy, Competitive analysis is like an early warning system that gives us time for corrective action and to know your Customers.
It is test your knowledge about competitive analysis
This lecture tells how important to define your business strategy and goals, because it give the direction the business will go in the future. So business without a sound strategy and structure can not stand the test of time. However, it becomes paramount to formulate a working strategy of attainable goals to project a standing future for the business.
As you are going on in your business activities, it will be necessary to determine your business performance to know if your business is progressing or not. It is in form of check and balance to see your weaknesses and strengths and to measure your performance, you need some variables/metrics that are mentioned in the lecture to measure your rate of success in the business.
In this lecture we shall look at some of the great examples of companies that are successful with their unique but very formidable business strategies. The essence of this would be to look closing into your market/industry and see what you can do to stand out and be known for. Innovation will be the key factor to uniqueness, and uniqueness that brings taste in the market will surely increase profitability, growth and success in the business
A business model is the conceptual structure supporting the viability of a business, including its purpose, its goals and its ongoing plans for achieving them. At its simplest, a business model is a specification describing how an organization fulfills its purpose.While a Business plan entails all the elements require to demonstrate the feasibility of a prospective business. Business model demonstrate the structure of already functioning business.
1. What is your company at best doing?
2. What are the variables to evaluate your company to know if your company is progressing?
3 How will you determine if your product will be accepted in the market?
Performing a market segment analysis is key for focusing your marketing efforts on the most promising groups of likely customers and clients by dividing your market into smaller unit or subset to easy market target. If your industry is so wide, it will be very difficult to cover all the needs of the different consumers, because of this it become very necessary to segment the market in smaller unit of their peculiarity, to enable your business focus of your area of specialization with comparative advantage. This will make you focus and concentrate your limited resources in that segment of the market thereby reducing your risk of failing. It makes you take the products to the right people who are in need of your products/services.
To maximize potential revenue and minimize cost and thus increase profitability, we must select segments to target, by putting your products and services before the face of those that need them. Because whatever product you are selling you must understand you customers' desires for you to be able to gain market share. So always remember to target the market that your products/services can solve their problems or meet their needs.
1. Why is market segmentation so important to the survival of your business?2
2. Targeting a very big market with strong competition is good for every business rather reaching out for the small market, what is your view?
3.What are the better ways of applying your STP Model?
4. Why is business model relevant to every business.
5. How do you deliver value at an appropriate cost?
Here we are going to look at some possible problems/questions you must provide solutions/answers to in quest of producing your products and services. This necessary because it will give you the understanding and knowledge of demands/needs in the market and your capacity to meet these needs. You must analyze the problem/need and fashion out ways to to address the problem using your product and services. Firstly, you must know why you are in the business and what your business can offer to meet the needs of the consumers.
There are some factors you must consider as you analyze your market, factors like the strength and weaknesses of the organization, considering the available opportunities is another way your business will be able to progress, having the opportunity and using it is necessary and relevant to the business. Time-bound is a great way too, to strike business at the right time.
Finally we have come to the end of this "Course Market Analysis" I think much had been said about this, how you will be able to analyze your market and use the gathered information/data to formulate a strategy for better business decision making. Also, much is said about how you can compete favorably with your competitors by knowing their strengths and weaknesses, capitalizing on your comparative advantage. Since the market is very broad, so looking for a segment where your product has a strong point is wise enough to target. The essence of it all is for profitability, gaining market share, getting your product/services to your customers and remaining relevant in your market.
Once again thank you.
Questions relating to the proceeding section
I am Nathaniel Onofeghara of Natwando Consult, I have being in Marketing and networking for about 10 years, promoting products and Services.And working as Network Consultant, also a blogger and Affiliate Marketer. With my long years in the marketing activities, like marketing my products, products and brands for other organizations by analyzing the existing market to understand better strategy for better business decision-making.