What is the need for marketing analysis?
Customer needs analysis is the process of recognizing what wish the customers have for a product or service. The target of a customer needs analysis survey is to understand the customers’ needs and their position in the overall market.
Before you start the market research, decide if the analysis is for internal or external purposes. It depends on which purpose you choose, you can use the results to enhance business operations or to speak with an outside investor.
A market analysis is a big part of your business plan. Market analysis is one of the key components to help business with all the required information and making smart business decisions. Successfully market analysis can help in getting valuable perception into shifts in the economy, competitors, ongoing market trends, demographics, and the quality of customers’ expenditure.
The market analysis will include a market prediction, segmentation, customer information, and market needs analysis. Marketing Strategy: This should include at least the goal, objectives, and focused strategy including market component focus and product positioning.