Market environment analysis
All companies, that exist in the marketplace, are surrounded by competitive environment. There may be no competition, when some innovative product is released. In most cases, even a new product is some kind of modification of a product that is already on the market. A comprehensive assessment of the market environment is required to plan a sound marketing strategy.
Various political, economic and other factors can affect business activities to varying degrees. In order for the idea to be successfully implemented and bring profit in the future, it is necessary to conduct a market analysis. The specialists of our agency carry out an assessment of the market environment, conduct economic, statistical and other types of monitoring.
What is the analysis of the market environment for?
Competition can be characterized as rivalry of market participants for the most favorable conditions for commercial activity. In fact, this is a fight for a potential buyer who will buy the product not from a competitor, but you. Competitive advantage is the metric that distinguishes one company from another.
There are two important rules in assessing the market environment:
- Knowledge of the potential consumer (target audience) and his values.
- Analysis of competitors, their advantages and disadvantages.
Some companies abandon the preliminary assessment of the competitive environment, which leads to miscalculations in many marketing decisions. As a result, there is a loss of possible profit and a lack of demand among the consumers.
How is market environment research conducted?
A comprehensive analysis is not possible without a thorough study of the main competitors in a specific industry. There are several basic methods for obtaining valuable information that you need for research:
- consumer surveys (qualitative or quantitative data collection, analysis of opinions about competitors among different categories of the target audience);
- Internet search (company reviews, reviews);
- interviewing experts, which gives an understanding of the competitor's reputation, the quality of its products;
- monitoring of points of sale;
- study of publications of financial indicators.
Quality in market research is the completeness and accuracy of information. If the information is false or superficial, the financial losses will be significant. Therefore, your strategic decisions need to be guided by the reliable information that ResearchView provides you. Request a call back or call us yourself at the contact phone number for consultation.
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