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Use the 0.1 Organization and planning to sheet to create a market analysis. Be aware of all the information that is provided and use it when writting the analysis. Cite sources please
Use the following 5 points in the market analysis be straights fowards, avoid repetion and dont be too detailed.
1) Definition. Before estimating market size, clearly define what is and is not included within the scope of the target market, ensuring it is fully vetted and understood among all stakeholders. Oftentimes, in our experience, we find that what is NOT included is the more important of the two parameters as it will save many needless discussions and frustrations as the project unfolds.
2) Market size and growth. Fundamental to understanding a market is the total revenue generated within the defined market. For most companies, this is often a go/no-go criteria. Growth is also critical as it is the beginning point of estimating what revenue may be available to a market entrant over a longer time horizon, and the long-term potential of the market.
3) Key competitors. It is critical to understand size, location, capital assets, human resources, technology and patents, strategy, customers, relative pricing, and many other aspects of competitors. This allows a company to effectively estimate competitive response to a new market entrant, and the realistic market potential. The greater the competitive intensity within a defined market, the greater the necessity for the new entrant to have a well-defined and measurable value proposition. (USE THE MAP ON THE WORKSHEET TO SEE WHO ARE THE COMPETITORS)
4) Customers – Target market
· Your market study should define the target customer, the average, the most frequent customer through demographics. Examples: age, sex, income, education, occupation, etc. (USE THE LOCATION FOR DEMOGRPAHIC INFORMATION)
5) Marketing plan • How will you get the word out about your new operation? What sites are more efficient and why. How much money will it be ideal to spend on marketing?
A marketing plan identifies your target audience, the most effective channels on which to engage with them, and analytical insights to guide future strategy.