In the competitive business world, it has become necessary to use strategic tools such as market analysis to ensure the success of a company or initiative. So, what is market analysis and how is it done? Now let’s answer these questions in detail.
- 📌 Definition: Market analysis is to research and provide information to obtain comprehensive information about consumer needs in an industry, the competitive situation and the general dynamics of the market. It is an evaluation process carried out for the purpose of
- 📌 Why is it important?: Doing this analysis helps businesses to find new markets, do domestic and international market analysis and It provides valuable insights on topics such as learning the state of the industry. Thus, businesses can make their strategic decisions in a conscious and decisive way.
- 📌 Types of Market Analysis:
- Domestic Market Analysis: It is an analysis whose scope includes only the dynamics in the domestic market. Finding customers in the domestic market and creating a customer database are important components of this analysis.
- Foreign Market Analysis: Includes the dynamics in the global market. Finding customers in the foreign market and knowing the conditions of the new market are the key components of this analysis.
- Sector Analysis: It is a type of analysis that examines the general situation, trends and competitor profiles of a particular industry.
- 📌 Who Does It?: Generally, professionals called market analysts and companies providing consultancy services perform this analysis. Official institutions such as the Ministry of Economy can sometimes support such analyses.
- 📌 Benefits of Market Analysis:
- Informed Decision Making: Companies are more informed, determined and successful when they have information that helps them understand market dynamics and consumer needs. They can make decisions.
- Competitive Advantage: Having market research done and having this information offers companies the opportunity to be one step ahead of their competitors.
- Customer Relations: Processes such as finding customer data and B2B customer finding provide businesses with the opportunity to establish more effective customer relationships.
- 📌 Ethical Principles: When performing market analysis, honesty, transparency, fairness and responsibility Ethical principles such as owningmust be followed. This increases the reliability of the analysis and makes the results more robust.
As a result, market analysis is a fundamental tool that guides decision-making processes in today’s business world. The success of companies depends on their acting with pro-activity and diligence in the market, and this is possible with an effective market analysis.
Note: There are many companies and companies from which businesses can get consultancy on market analysis. By getting help from these companies, it is possible for businesses to obtain more detailed information about the market and manage their market information acquisition processes more effectively.
Definition, types and examples
1. Definition:Market analysis is a systematic examination of a market to understand its current state, dynamics and future trends. This analysis helps a business identify opportunities and threats in the market. Market analysis plays a key role in businesses making the right strategic decisions and can be applied in both domestic and foreign markets.
2. Types of Market Analysis:
- Quantitative Analysis: It is a type of analysis based on numerical data. . It is based on measurable data such as sales figures, market share or consumer surveys.
- Qualitative Analysis: It is not based on quantitative data, but rather on subjective data such as consumer opinions, expert opinions or focus group reviews.
- Target Market Analysis: It is a type of analysis in which the customer segment targeted by a business is examined. With this analysis, the market is analyzed based on demographic, geographical, psychographic and behavioral characteristics.
- Competitive Analysis: It is a type of analysis in which competing businesses in the market are examined. Competitors’ strengths, weaknesses, strategies and market performance are evaluated.
- Sector Analysis: In this type of analysis, which has a wide scope, information is obtained about the general situation, trends, growth potential and main players of a sector.
3. Market Analysis Examples:
- Demographic Analysis: Examining the demographic characteristics of the target market such as age, gender, income level, education level.
- Market Trend Analysis: Analyzing past and current trends observed in the market. For example, examining the increase in the organic food market due to the healthy living trend.
- Supplier Analysis: Evaluating supplier options and market conditions for businesses. Suppliers’ reliability, costs and distribution capacities are considered in this analysis.
- Technological Analysis: Evaluation of technological developments in the market and the impact of these developments on businesses.
- Legal and Regulatory Analysis: Legal regulations in the market, regulations and the impact of these legal obligations on businesses.
Market analysis is an essential tool that enables a business to make informed decisions about the market. An accurate and effective market analysis allows businesses to evaluate their positions in the market in a transparent, fair and conscious manner. This provides them with strategic advantage and the potential to achievesuccessful results.
Market analysis definition
Dear readers, like a professor of commerce, I would like to give you important information about market analysis. Market analysis is an essential part of business and is critical for a business to achieve sustainable success. So, what is market analysis and what steps should we follow when doing this analysis?
📌 1. What is Market Analysis?Market analysis is the process in which factors such as the general situation, size, competitive structure, consumer profile and trends of the market in which a business operates or intends to enter are examined in detail. This analysis can be discussed under two different headings: domestic market analysis and foreign market analysis.
📌 2. Why is it important? Market analysis offers businesses the opportunity to understand what is happening in the market. In this way, businesses gain knowledge to manage themselves and reshape their strategies according to market conditions. Analyzes made especially for the purpose of finding new markets help businesses minimize risks.
📌 3. How to Perform Market Analysis?
- 🔍 Research: The first step is to research current trends in the market, competitors and consumer behavior.
- 📊 Sector Analysis: Sector analysis is carried out to determine the general situation and future potential of the sector to which the market belongs.
- 🧑💼 Market Analyst: An expert market analyst or a market analysis consultancyfirm provides you with valuable information in this process.
- 📑 Reporting: Analysis results should be presented in reports in an understandable and usable format.
📌 4. What is its Benefit?Market analysis offers businesses an objective perspective in their decision-making processes. In this way, it helps businesses take correct and conscious steps. These analyses, especially supported by official institutions such as the Ministry of Economy, give businesses a competitive advantage.
📌 5. Consulting and Implementation: Many companies and companies specialize in market analysis. These companies can help businesses by providing consultancy, managing analysis, and providing necessary information.
Types of market analysis
Market analysis is a critical research process that helps businesses understand market dynamics and potential. Market analysis can be done in various types, each with a different purpose and scope. Here are some types of market analysis:
- Quantitative Market Analysis:
- Definition: It is a type of analysis based on numerical data.
- Areas of Use: It is made based on measurable data such as sales figures, market share, consumer surveys.
- Qualitative Market Analysis:
- Definition: It is a type of analysis based on subjective data, not on quantitative data.
- Areas of Use: It is done through consumer opinions, focus group reviews, expert opinions.
- Target Market Analysis:
- Definition: It is a type of analysis in which a specific customer segment is examined in depth.
- Usage Areas: It is done based on demographic, geographical, psychographic and behavioral characteristics.
- Competition Analysis:
- Definition: It is a type of analysis in which competitors and competitive structures in the market are examined.
- Areas of Use: Evaluates competitors’ strategies, market shares, strengths and weaknesses.
- Trend Analysis:
- Definition: It is a type of analysis in which current and potential trends in the market are determined.
- Areas of Use: Used to predict future market dynamics and consumer trends.
- Geographic Market Analysis:
- Definition: It is a type of analysis that examines the market dynamics of a specific geographical region.
- Areas of Use: It is divided into two main categories: domestic market analysis and foreign market analysis.
- Sector Analysis:
- Definition: It is the type in which the general situation and dynamics of a particular industry or sector are analyzed.
- Areas of Use: The growth rate of the sector, its main players, threats and opportunities are evaluated.
- Opportunity and Threat Analysis:
- Definition: It is a type of analysis in which potential opportunities and threats in the market are determined.
- Areas of Use: Evaluated in SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
These types help businesses obtain information that best suits their needs and goals when making strategic decisions. Which analysis type to choose may vary depending on the business’s industry, goals and resources.
Market analysis examples
Let’s discuss this topic in more detail through some basic examples where market analysis is applied:
- Competitive Analysis in the Cosmetics Industry:
- Purpose: To determine the position of a cosmetics brand compared to other competitors.
- Method: The product range, pricing strategies, market share, distribution channels and advertising campaigns of competing brands are examined.
- Result: The strengths, weaknesses, threats and opportunities of the brand in the sector are determined.
- Target Market Analysis for E-commerce Platforms:
- Purpose: To identify the demographic and geographical segments that the e-commerce platform should focus on.
- Method: Analyzes are made based on data such as demographic information of current users, shopping habits, categories they frequently visit and spending amounts.
- Result: It is determined which customer segment is more active and how the platform can provide better service to these segments.
- Trend Analysis in the Gaming Industry:
- Purpose: To learn current and future trends in the mobile gaming industry.
- Method: Analysis of popular games, user comments, in-game purchasing habits and platform-based user statistics are examined.
- Result: It is determined which game types are popular and what kind of content and features users demand.
- Geographic Market Analysis in the Textile Industry:
- Purpose: To determine in which regions a textile brand is more effective and which regions it should focus on.
- Method: Sales data are classified according to geographical regions. Additionally, demographic and cultural characteristics in these regions are examined.
- Result: It is determined in which regions the brand is stronger and in which regions more promotion or distribution activities are needed.
- Opportunity and Threat Analysis in the Automotive Industry:
- Purpose: To identify the opportunities and threats that may arise in the automotive industry in the near future.
- Method: Global economic trends, technological developments (e.g. electric vehicles), government policies and environmental factors are examined.
- Result: It is determined which areas in the sector it may be advantageous to invest in and which risks should be taken into account.
These examples provide a general idea of what purposes and methods market analysis can be carried out. The analysis process should be customized and made more specific for each sector and business.
Market analysis templates
Some basic market analysis templates as examples:
- Market Overview:
- Market Size: Total sales, number of customers, etc.
- Market Growth Rate: Annual/semi-annual growth rates.
- Key Market Trends: Current and future trends.
- Target Market Analysis:
- Demographic Information: Age, gender, education level, income level, etc.
- Geographic Information: In which regions/countries is it active?
- Psychographic Information: Lifestyle, interests, values, etc.
- Behavioral Information: Purchasing frequency, brand loyalty, product usage rate, etc.
- Competition Analysis:
- Main Competitors: Major competitors in the market.
- Competitors’ Market Shares: Position of each competitor within the market.
- Competitors’ Product/Service Features: What products/services do they offer, what are their advantages and disadvantages?
- Competitors’ Pricing Strategies.
- Customer Analysis:
- Customer Needs: What are the key needs in the market?
- Customer Preferences: What product features or services are preferred?
- Customer Satisfaction: Feedback on current products or services.
- SWOT Analysis:
- Market Entry and Barriers:
- Barriers to Entry: Factors that make it difficult for new players to enter the market.
- Barriers to Exit: Factors that make exit from the market difficult.
- Distribution Channels: The main channels used to deliver products or services to customers.
- Regulation and Legal Factors:
- Licenses, certificates required to operate in the market.
- Relevant legal regulations and standards.
- Possible tax liabilities.
- Technological Factors:
- Technological trends affecting the market.
- Possible effects of technological developments on the market.
These templates guide businesses by addressing various aspects of market analysis. When using templates, it is important to remember that they should be customized to the unique needs of the business and market dynamics.
Purpose of market analysis
Market analysis has a critical role in creating foreign trade and marketing strategies. Conducting analysis to evaluate business opportunities in different sectors and regions ensures that a business is successful not only abroad but also in the domestic market. It makes it happen.
🌍 Understanding market dynamics in different geographies such as Africa, Europe and Gulf regions helps businesses gain competitive advantage. It helps. An in-depth market analysis is essential, especially if a new market initiative is planned in Dubai or Africa.
📊 When performing Analysis, a market analyst usually examines current and potential competitor companies, industry trends and market share Evaluates the distribution. It also focuses on consumer behavior and demands to identify new market opportunities and create a new market strategy.
🔍 Foreign market analysis and domestic market analysis require different approaches and strategies. In international analyses, cultural, economic and political differences should be taken into account. For example, an analysis conducted for a beverage brand in Turkey may produce completely different results for the same brand in Africa or Europe. /p>
💡 Market analysis consultancy can help businesses better understand their position in the market. Consultancy is necessary for businesses to research their competitors more closely and determine how to compete with them. This is a critical step in creating strategies to find customers in the foreign market or find customers in the domestic market
📈 Creating a customer database and finding customer data processes should be considered as part of the market analysis. In particular, B2B customer finding strategies should be customized according to the dynamics in the targeted sector and market.
🔗 Acquiring market information and learning the situation of the sector play an important role in the success of a business. Knowing the conditions of the new market is also a part of this information set.
📚 Research, informing and managing are integral parts of the market analysis process. A business must make decisions based on information provided by those who do it. At the same time, when it comes to outsourcing, having some functions managed or research may also be a strategic approach.
Consequently, market analysis ensures that businesses have the necessary information and strategies to be successful in the market. This strengthens not only the process of finding new markets, but also the ability to compete in the existing market.
Why is market analysis important?
In the globalizing world, correct determination of foreign trade and export strategies has become of vital importance for businesses. Market analysis serves as a guide, especially for businesses planning to enter foreign markets.
🌍 Companies operating in various markets such as Africa, Europe and Gulf regions are ahead of their competing companies in these markets. In order to pass, they need to make an in-depth analysis. For example, an overseas market analysis is essential for a company planning to open a retail store in Dubai.
📊 What is market analysis? Simply put, it is the process of collecting, evaluating and presenting information about a specific market or sector. In this process, a market analyst evaluates current and potential rival companies, industry trends, market share distribution and consumer behavior. .
🔍 How is market analysis done? In this process, the first step is to determine the strategy to find a new market. Then, it is decided which sector or sub-sectors will operate in the market determined by sector analysis.
🌐 foreign market for a business planning to operate in Africa, Europe or Turkey > and understanding domestic market dynamics is of critical importance. When determining a new market strategy, consumer behavior, cultural characteristics and economic conditions in these markets should be taken into account.
💡 Businesses must have basic skills such as managing, consulting and research. These capabilities can be supported by experts who providemarket analysis consultancy. Providing information and evaluating feedback provided by doers enriches the market analysis process.
📈 Finding customers in the foreign market and finding customers in the domestic market strategies are integral parts of the market analysis process. Customer database creation and customer data finding processes enable a better understanding of the market and a more effective reach to the target audience.
📚 Acquiring market information and learning the state of the industry helps businesses minimize risks and maximize opportunities. At the same time, knowing the conditions of the new market enables businesses to have information about what kind of strategies they should follow in this market.
In conclusion, market analysis is an indispensable tool for businesses to make correct strategic decisions. Businesses need to invest in this analysis process in order to achieve sustainable success in the market.
Market analysis and marketing strategy
In order to achieve sustainable success, businesses must master two basic issues: Market analysis and marketing strategy. These two concepts enable critical decisions to be made about how a business will be positioned in the market and appeal to its target audience. Here is a detailed review of these two important concepts:
1. Market AnalysisMarket analysis is the process of evaluating the conditions, opportunities, threats and trends present in the market in which a business operates or plans to enter. This analysis provides businesses with:
- Knowing the target audience: Determining who can purchase products or services and how to reach this audience.
- Analyzing competitors:Understanding the strengths and weaknesses of rival companies, their strategies and market positions.
- Understanding the general structure of the market: Evaluating market size, growth potential, trends and similar factors.
2. Marketing StrategyWhen the market analysis is completed, a marketing strategy is created based on the information obtained. Marketing strategy is a road map that determines how a business will present its products or services to its target audience. This strategy includes:
- Segmentation:Dividing the market into segments according to certain characteristics (demographic, geographical, psychographic, etc.)
- Targeting: Determining which segments to focus on and how to address them.
- Positioning: Determining how the business will position itself in the market compared to its competitors.
Marketing strategy is prepared in line with the general objectives of the business and is valid for a certain period of time. Following the implementation of the strategy, success needs to be measured and strategic changes made when necessary.
The Relationship Between Market Analysis and Marketing Strategy Market analysis is the cornerstone of marketing strategy. The information obtained during the analysis process forms the basis of strategic planning. For example, the target audience determined as a result of market analysis will be the main group on which the marketing strategy focuses. Likewise, competitor analysis helps the business make decisions about what position to take in the market.
Conclusion Market analysis and marketing strategy are two concepts that are critical for businesses to achieve sustainable success in the market. As a business manages these two processes effectively, its chances of being in the desired position in the market and appealing to the target audience effectively increases. Therefore, it is vital for businesses to allocate sufficient time and resources to these two concepts.
Conclusion: The Importance of Market Analysis and Marketing Strategy
The basis of successful business management lies in conscious and strategic decisions. The most important of these decisions are market analysis and marketing strategy, which determine what route the business will follow in the market.
Market analysis shows businesses what they are facing in the current or potential market, what opportunities and threats exist, who their target audience is, and how their competitors are doing. This valuable information plays a critical role in determining what a business should do.
Abroad Marketing strategy is the action plan that determines how the business will present its products and services to the target audience, using this information. An effective marketing strategy allows a business to take its desired position in the market and stay one step ahead of the competition. Market analysis consultancy will also be very useful for you. The fact that these two concepts are so intertwined requires businesses to take both processes seriously. An incomplete or misleading market analysis can lead to a misleading strategy. Similarly, a weak marketing strategy despite a strong market analysis can cause the business to miss potential opportunities. How to do market analysis. In short, market analysis and marketing strategy are the key to success in the modern business world. Businesses must understand the relationship between these two processes and manage both processes with maximum efficiency. Only in this way can sustainable success and a stable position in the market be achieved.
Marketing strategy is the action plan that determines how the business will present its products and services to the target audience, using this information. An effective marketing strategy allows a business to take its desired position in the market and stay one step ahead of the competition. Market analysis consultancy will also be very useful for you.
The fact that these two concepts are so intertwined requires businesses to take both processes seriously. An incomplete or misleading market analysis can lead to a misleading strategy. Similarly, a weak marketing strategy despite a strong market analysis can cause the business to miss potential opportunities. How to do market analysis.
In short, market analysis and marketing strategy are the key to success in the modern business world. Businesses must understand the relationship between these two processes and manage both processes with maximum efficiency. Only in this way can sustainable success and a stable position in the market be achieved.