In Bright Case International, we interaction philosophy; every business plan should include market analysis. This is one of the first and most important reasons to do a business plan. And whether you're just starting a new business or reviewing an existing business, you should renew your market analysis at least every year. Markets change--a business needs to watch for changes in its market.
Specialists of Bright Case International of marketing analysis are to pave the way and shareour clientsto formulate a strategy on how to run their businessby taking into consideration all effective factors as:
- Market Size
- Growth rate of the market
- Market trends
- Market profitability
- Key success factors
- Distribution channels
- Industry cost structure
Market Size – The size of the market is a key factor in a marketing analysis. The bigger the market the more competitors you are likely to have.
Growth rate of the market – The market growth rate is a huge factor in any sort of marketing analysis. This is because you get the idea of how long the said market will last. Before you make an investment you need to analyze the market’s growth rate.
Market Trends – Market trends are a significant part of the marketing analysis. Having knowledge about the trends help you to decide what kind of product you are going to sell. When you are starting off a business you need to know what the current trend is.
Key Success Factors – The key success factors are those elements which help the business to achieve great success in the market. Such elements are required to stand out among the rest of the competition. These are things which you did well that have enabled you to produce great results. Key success factors include;
- Technology progress
- Economies of scale
- Efficient utilization of resources
Distribution Channels – Distribution channels are very important for a business. Without those, you won’t be able to get your products to your customers.
Industry Cost Structure – The industry cost structure is a significant factor while running a business. It basically sees how much cost is required to get your products for sale.