A market analysis is a quantitative and qualitative assessment of a market.
It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.
What should be included in a market analysis?
The market analysis section of your small business plan should include the following:
- Industry Description and Outlook: Detailed statistics that define the industry including size, growth rate, trends, and outlook.
- Target Market: Who is your ideal client/customer?
What is a market analysis on a home?
A comparative market analysis is an examination of the prices at which similar properties in the same area recently sold. Real estate agents perform a comparative market analysis for their clients to help them determine a price to list when selling a home or a price to offer when buying a home.
What should be included in market research?
Market research involves gathering information about your: industry and market environment – to understand factors external to your business.
Customer research might cover:
- customer demographics (e.g. age, gender, income)
- social and lifestyle trends.
- needs and expectations.
- attitudes towards you and your competitors.