A market assessment is a comprehensive analysis of your company’s competitors, consumers and other industry stakeholders.
A critical part of your company documentation, a market assessment enables your company to understand the need and demand for its business offerings in the market. It provides details on market opportunities, growth drivers and barriers, industry cost structure, distribution channels, market trends, key success factors, market competitiveness, and consumer preferences.
Conducting a market assessment study is critical for your company whether you are looking to launch, expand your business or grow your consumer base.
Some of the main components of a market assessment are:
Market assessment enables your company to:
Market assessment is important for an event tomorrow, as it helps:
The most common types of market analysis techniques are buyer behavior, surveys, interviews, and focus groups.
It can take several weeks to conduct a market assessment, then collate and analyze the data. Larger projects can take several months.
Some of the external factors that can impact market conditions are:
State and federal legislation and regulations
International and political conditions
Product supply and demand
Inflation and interest rates