Market analysis is critical to determine where a business stands in foreign or domestic markets and in which sectors it can gain an advantage. Foreign market analysis is especially important for businesses planning to engage in export and foreign trade activities. Sector analysis and competitor analysis are integral parts of this process in the search for new markets.
What is looked at in market analysis?
🔍 Sector analysis: Provides information about the general situation, size, trends and expectations of the sector in the targeted market.
🔍 Competitor analysis: It is essential to investigate who the competitors are in the market, how much market share they have and what their strategies are.
🔍 Foreign trade and export analysis: It includes information such as which products are in demand in foreign markets and in which countries these products are popular. For example, you can examine which products are in higher demand in Dubai or which sectors are on the rise in Africa.
🔍 Domestic and foreign market research: Market situation, market share and potential opportunities in Turkey or other targeted regions (Africa, Europe, Gulf, etc.).
What are the stages of the market analysis process?
- Information collection: First of all, a team should be formed to manage or investigate. This team should consist of experts called market analysts.
- Data analysis: Collected data should be analyzed and transformed into meaningful results.
- Competitor review:A comprehensive analysis should be conducted to identify competitors’ strengths and weaknesses.
- Trend analysis: Researching current trends in the market plays a critical role in creating a business idea and new market strategy.
- Reporting the results:The results found should be presented to the departments or people that the business is interested in.
What are the stages of the target market research process?
- Determining the size and potential of the market
- Making market segmentation
- Creating a target customer profile
- Analyzing customer needs and expectations
- Analyzing the position of competitors within the target market
What are the market analysis methods?
- Polls
- Focus group studies
- In-depth interviews
- Observation method
- Market trials
Who does market analysis?
This task is often assigned to experts known as market analysts. However, while large companies may have a separate market research department, small businesses outsource consultancy.
What questions should you find answers to in market analysis?
- Which products are in demand in the market?
- Who are the competitors and what are their strategies?
- What opportunities and threats are there in the market?
- Who is the target customer base?
- What are the potential obstacles with the business idea or product?
Market analysis is the key to success in business. True By having this information, you can make more informed decisions, gain an advantage over your competitors and get maximum return on your investments.
Competitor analysis and strategy determination
As a business professor, one of the most critical steps in making a business successful is performing competitor analysis. Whether you operate in the domestic market or the international market, it is essential to know who your competitors are, their strategies and market shares. Market analysis and competitor analysis help a company determine marketing strategies and foreign trade plans.
1. The Importance of Competitor Analysis
Competitor analysis can help a company achieve a competitive position in the domestic and international market. Whether in Africa, Europe or the Gulf; Each region has its own dynamics and competitors. For example, if you are planning to launch a product in Dubai, knowing your competitors in this region will give you an advantage when determining a new market strategy.
2. How to Perform Competitor Analysis?
🔍 Information Gathering: The first step is to research and learn about your competitors. Sector analyzes and market research can be used to determine which companies are active in the domestic and foreign markets.
🔍 Market Share Analysis: You can get information from market analysts to determine how much market share your competitors have in which regions.
🔍 Product and Service Analysis: It is critical to learn what products and services your competitors offer and the advantages and disadvantages of these products.
🔍 Pricing Strategy: Researching your competitors’ pricing strategies gives you information about what kind of pricing you should do in the domestic and foreign markets.
🔍 Marketing and Promotion Strategy: Analyzing which marketing channels your competitors use and what promotional strategies they use can guide you in finding new markets.
3. Strategy Determination
After a competitor analysis is performed, it is important to provide consultancy to determine your company’s marketing and foreign trade strategy in line with the information obtained. When creating the strategy, you should consider the following:
📈 Target Market: According to the results of domestic and international market analysis, determine which markets you should focus on. For example, if you see great potential in an industry in Africa, you should focus on that region.
📈 Product and Service: Based on competitor analysis results, determine which products or services you need to offer.
📈 Pricing: Determine the most appropriate pricing strategy for you, according to your competitors’ pricing strategies.
📈 Marketing and Promotion: According to the marketing and promotion strategies of your competitors, determine which marketing channels you will use and which promotion methods you will prefer.
Competitor analysis and strategy determination play a critical role in a company’s success. This process helps your company achieve a competitive position in domestic and international markets. Therefore, it is essential that this analysis be performed accurately and comprehensively. Working with a good market analyst can make this process more efficient.
What to look for in market analysis?
Market analysis is a critical process that a business must consider when making its decisions. What is market analysis? Simply, it is an analysis that examines the current and future situation of a company’s targeted market. This analysis includes creating a new market strategy, finding new markets and It provides guidance on issues such as sector analysis. To understand what is looked at in market analysis, we must consider some key factors, especially domestic market analysis and foreign market analysis.
1. Customer Analysis
🔍 Finding Customers in the Domestic and Foreign Markets: The demographic, geographical, psychographic and behavioral characteristics of the targeted market are investigated. This gives companies information about the general characteristics of the target market.
🔍 Creating a Customer Database: The process of finding customer data helps to obtain detailed information about potential and existing customers.
2. Market Information
🔍 Sector Analysis: It is critical to learn the state of the sector by examining the general trends, opportunities and threats in a particular sector.
🔍 Market Share: Market share analysis of competitors in the domestic and international market helps determine the company’s position and how effective it is in the market.
🔍 Market Trends: By following the changes occurring in different geographies, especially in Europe, Africa, Gulf regions. The process of determining a new market strategy is supported.
3. Competitor Analysis
🔍 Competitor Examination: Knowing who operates in Dubai, Turkey or Africa , competitor analysis is done more effectively.
🔍 Conditions of the New Market: In the process of finding a new market, it is necessary to investigate the competitive conditions, consumer habits and expectations in the market you intend to enter.
4. Future of the Market
🔍 Analysis of Trends: Market analysts provide information by examining market trends to identify potential future opportunities and threats.
🔍 Future Opportunities: Through consultancy, the opportunities that the market may offer in the coming years are determined.
A market analyst is tasked with managing and researching factors that may affect the current state and future of the market. This allows companies to make more informed decisions in the domestic and international market. Market analysis consultancy can help companies manage this process more effectively.
As a result, many different factors are looked at in market analysis. These factors help a company better understand its target market and create effective strategies in this market.
What are the stages of the market analysis process?
Market analysis is a process that helps a business or enterprise understand the overall structure, size, opportunities and challenges of its target market. This process consists of many stages, and each stage plays a critical role in creating the right strategies. So, what are the stages of the market analysis process?
1. Determining Goals and Objectives 🎯 The first step is to clearly define why the market analysis is being done. This is necessary to determine what information is needed and what methods to use.
2. Market Identification 🌍 It is decided which market will be analyzed. This is often determined by criteria such as geographic boundaries, demographics or product categories.
3. Information Collection🔍 At this stage, the process of collecting data about the determined market begins. This is both primary It may include information obtained from both (surveys, interviews) and secondary (existing reports, articles) sources.
4. Determining the Size and Potential of the Market 📊 Information is obtained about the current size and future growth potential of the target market. This helps get an idea of how profitable the market might be.
5. Customer Analysis 👥 Demographic, geographical, psychographic and behavioral characteristics of the target market are examined. This analysis is critical for developing more effective marketing strategies on the target audience.
6. Competitor Analysis 🔎 Who are the competitors in the market? What are their strengths and weaknesses? What strategies do they adopt? Answers to these questions are necessary to create competitive advantage.
7. Evaluation of Opportunities and Threats ⚖️ With tools such as SWOT analysis, opportunities and threats that may be encountered in the market are determined and analyzed.
8. Finalizing the Analysis and Reporting 📑 All collected data are brought together, evaluated and summarized. This involves creating a report that will guide the strategic planning of the company or enterprise.
9. Creating and Implementing Strategies 🚀 Based on the information obtained as a result of the analysis, marketing and sales strategies are created and implemented.
10. Reviewing and Updating the Process 🔄 Market conditions change constantly. Therefore, the market analysis process should be reviewed regularly and updated when necessary.
In conclusion, the stages of the market analysis process help a business understand its position, opportunities and threats in the market. This information has a critical role in creating and implementing the right strategies.
What are the stages of the target market research process?
Target market research is the process carried out by a company or entrepreneur to determine the potential customer segment to which it will offer its product or service, to understand the needs and expectations of this segment, and to develop marketing strategies appropriate to this information. Here are the basic stages of this process:
1. Defining Research Objectives 🎯 A clear purpose should be determined as to why the research is being conducted. This purpose will determine the scope of the research and the methods to be used.
2. Defining the Target Market🌐 Especially if you operate in a very large market, you may need to narrow down your target segment according to geographical, demographic, psychographic or behavioral criteria.
3. Information Collection 🔍 The process of collecting information from both primary (information you collect directly from the field) and secondary (existing reports, statistics) sources begins.
4. Market Size and Trends 📈 Analyze the target market’s current size, growth potential, and future trends.
5. Determining Customer Needs and Preferences 👥 You can conduct surveys, interviews and focus group studies to understand the needs, habits, purchasing behaviors and preferences of the target market.
6. Competitor Analysis 🔎 Competitors’ products, services, pricing strategies and marketing tactics are examined to understand the competitive structure of the target market.
Market analysis is a critical process for a company or business to understand the current situation, opportunities, threats and competitive structure in its targeted market. Performing this analysis accurately and effectively is essential in successfully determining and implementing business strategies. So, who does market analysis? Here are the answers to this question:
7. Pricing and Positioning Strategy 💰 A pricing and positioning strategy is determined according to customer expectations and competitor pricing in the target market.
