Marketing

Management
What is Market
A market is where buyers and sellers can meet to facilitate the exchange or
transaction of goods and services. Markets can be physical, like a retail outlet,
or virtual, like an e-retailer.

A market is any place where makers, distributors or retailers sell, and

consumers buy. Examples include shops, high streets, or websites. The term
may also refer to the whole group of buyers for a good or service. Businesses
that operate in markets are usually in competition with other companies.

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What is market analysis?
Market analysis is a detailed assessment of your
business’s target market and the competitive
landscape within a specific industry. This analysis
lets you project the success you can expect when
you introduce your brand and its products to
consumers within the market.

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Benefits of Market
Analysis
Spot trends and Differentiate your Reduce the risks and costs
opportunities in your business from of launching a new
industry competitors business (or pivoting an
existing one)

Tailor products and Analyze successes Optimize your

services to your and failures marketing efforts
target customers’
needs

Reach new market Monitor your Pivot your business

segments business’s in new directions
performance

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In researching this topic, you may come across terms with
similar meanings, including market research and marketing
analytics. Here are some distinctions:

Market research is the process of gathering information

about a target market, including its customers’ needs and
behaviors, in order to market products to it effectively.

Marketing analytics is the process of studying the metrics

of specific marketing efforts, such as landing page sign-ups
and social media engagement, in order to increase return on
investment.

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How to do a
market
analysis in 6
steps
 1. Research your industry.
a) What statistical information can you gather about your industry from sources?
b) How many businesses are in this industry?
c) What’s the market size in terms of the number of potential customers?
d) How much revenue does the industry generate?
e) What are the industry standards by which companies and consumers operate?
f) What external factors affect how businesses in this industry operate, including laws and regulations, new
technologies, world events, and economic and social change?
g) Where do you spot opportunities to innovate within the industry?

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 2. Investigate the competitive landscape.
a) What brands are the most well-known in your industry? Who sets the trends and captures the
attention of customers?
b) What are these brands’ offers, price points, and value propositions?
c) What sales tactics, technologies, and platforms do these brands use to create a customer
journey?
d) How do these brands use content to educate and engage an audience?
e) What can you learn from customer reviews of these brands?

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 3. Identify market gaps.
a) Looking back at your industry research findings, what will external factors like
social change and new laws mean for developing products and services?
b) Ask consumers directly: “What do you want or need that you currently can’t
find?”
c) How specifically do competitors’ products and services fall short?
d) In what ways would you be able to create better products and services, given
your strengths and expertise?

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 4. Define your target market.
a) Of the potential customers in your industry, which specific market segment can you target
effectively?
b) How can you describe this segment according to their demographics (age, ethnicity, income,
location, etc.) and psychographics (beliefs, values, aspirations, lifestyle, etc.)?
c) What are their daily lives like?
d) What problems and challenges do they experience?
e) What words, phrases, ideas, and concepts do consumers in your target market use to describe these
problems when posting on social media or engaging with your competitors?
f) What are the features and benefits of your offers, and how will these provide solutions to your
target market’s needs?
g) What marketing messaging can you use to appeal to this target market and exhibit empathy and
understanding?

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 5. Identify barriers to entry
a) What are the startup costs of building your business, including product development,
technology, suppliers, patents, and certifications?
b) What legal requirements will you need to fulfill before launching?
c) What political, economic, and social factors might affect customers' behavior and their
likelihood of purchasing your offerings?
d) How much do your top competitors spend on their advertising to earn customers'
loyalty?
e) What will you need to do to present your offerings as better alternatives in terms of
value, price, and ease of purchase?

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 6. Create a sales forecast.
a) What products and services do you intend to sell?
b) How many units do you expect to sell during each increment of time, based on your
market size and the behaviors of your target market?
c) What prices will you assign to each product or service?
d) What is the cost of producing and advertising each offering?

￮ Use this formula to quantify your forecast:

￮ (No. of units to sell X price for each unit) – (cost per unit X No. of units) = sales
forecast

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Your market
analysis
checklist
Use this checklist and the steps above
to guide your market analysis process.

￮1. Research your 2. Investigate 3. Identify market

industry. competitors. gaps.
Gain a holistic Know who the big Find unsolved
understanding of players are and how problems and unmet
everything happening you can differentiate desires in your market.
in your industry and your brand.
prepare to navigate it.

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Use this checklist and the steps above
to guide your market analysis process.

4. Define your target 5. Identify barriers to 6. Create a sales

market. entry. forecast.
Know your customers’ Know what stands in Estimate future sales
unique characteristics your way and address and make confident
and tailor your offers challenges head-on. business decisions.
and marketing
accordingly.

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ACTIVITY/QUIZ 1:
Using the checklist discussed, do a market
analysis about any business you are interested.

Sharing of thoughts and output will be on our

next meeting.

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Thanks!
Any questions?
You can find me at
￮ @manitejada

￮ Manilyn M. Mirhan-Tejada
￮ mmtejada1030@gmail.com

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