7 Elements You Must Understand When Conducting Market Analysis
Market analysis is an investigation into marketing implementation to find out what things affect the results of a marketing process and the effects obtained from these results. This analysis needs to be done to determine the development of the marketing process that you do, so that later you can develop marketing strategies that are more relevant to the conditions being experienced.
The most common factor is SWOT which is an acronym for; Strength, Weakness, Opportunities, and Threats. These four factors will be used to measure the 7 elements in marketing analysis as follows:
1. Market Size
Knowing how big the market size is one of the main factors in this market analysis. The bigger the market, the greater the competition you will face. In other words, you need to make sure that your product stands out and can attract the attention of consumers.
Larger markets also require that you think about pricing policies more thoroughly. Product prices that are too high will make these products less attractive to consumers, especially if competitors are offering similar products with the same quality and lower prices.
2. Market Growth
This analysis aims to determine market growth overtime during the marketing period, and to determine the projected growth in the future. Thus, you have a clearer measure if you want to invest in these markets.
3. Market Trends
Knowing about market trends will help you decide what types of products to sell next, and help you determine the marketing strategies to use. Keep in mind that market trends can change quickly, so you also need to be able to adjust well.
4. Market Profitability
Before entering a business you need to analyze market profitability, so you will have an idea of how much profit potential you can get. If the market has a high level of profitability, you can continue. But if on the contrary, it will only waste your capital and time.
5. Keys to Success
The keys to success are the factors that influence you to achieve success in marketing. The factors in question are technological progress, economies of scale, and efficient use of resources. These three elements must be able to survive in every market condition.
6. Distribution Flow
The flow of distribution is how the process of how a product gets into the hands of consumers. Look at the flow, is it good enough or you have to look for new alternatives. Especially in the 4.0 industry era like now, you might need to use a new marketing channel through the marketplace or online store.
7. Industry Cost Structure
This point refers to how much money you have to spend until your product is sold. By knowing this, you might be able to make savings in some parts and cut less effective costs. In the end, you can manage finances more effectively, so you can get more profit without the need to increase the selling price of the product.
Thus the discussion of the 7 elements that you must understand when doing market analysis. And don’t forget to advertise through the Froggy Ads service, you can start by advertising your product, so that later you can increase visitors on your online business portal. Froggy Ads is an online advertising service that can help you control all your product campaigns. helps you target the marketing target you want and gives you many choices for marketing your product.