The challenge for any business is to gain a sufficiently detailed understanding of the fundamentals of a market. Without this insight, it is unlikely that marketing strategies will prove effective or that marketing objectives will be met.
Gaining this understanding is the task of market analysis.
By market fundamentals we mean understanding issues such as:
The process of analysing the market should not be considered as a one-off. An effective marketing team is constantly searching and updating their market knowledge.
However, detailed marketing analysis is particularly important for tasks such as:
There are several methods of analysing a market that are in common use. The following methods are covered in the following sections: