An in-depth marketing analysis is a salient feature of successful marketing. We tend to undertake a proper research before the development of any plan in our everyday lives. In a similar manner, marketing analysis is a necessary step before development of a marketing plan. This article renders an understanding of significance of marketing analysis for building a marketing plan.
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A marketing analysis refers to a SWOT (Strength, Weakness, Opportunities, Threats) analysis of a market. It basically helps in understanding an evolving market. A marketing plan is a plan highlighting your marketing steps for the future.
1. To build market plan: market analysis is the foundation
Marketing analysis involves an understanding of the various variables linked to a market- demographic, geographic and psychographic. It analyses the buying behaviour of an average customer in the market. Therefore, marketing analysis provides a basic understanding of the target customers in the market. By only depending upon the information obtained from the marketing analysis, we can form a marketing plan. Therefore, marketing analysis is a core element to build a marketing plan.
2. Customer analysis: who are they, their requirements, their way of deciding
Customer analysis means understanding the customer’s behaviour and his needs and wants. It is a significant part of marketing analysis. Before serving the customers with our products and services, we must understand what they want. The aim of customer analysis is to obtain an average view of the target market towards the company’s product.
3. In-depth research of products and markets
Effectual ways to do marketing analysis for a business involves an in-depth research of products and market. It will enable us to understand as to how much sales can be generated by our product in the market. Product and market research helps to formulate less time consuming ways to communicate the product to the consumer. A proper research is a key to build a marketing plan for business.
4. Target a segment particularly
You must opt for an appropriate market segment. You should look at that market segment where you see growth of marketing opportunities in the future. You should target that segment of market in which you see prospective business opportunities. After a detailed marketing analysis, you should narrow down the broad segment of the market accordingly.
5. Choose appropriate channels for distribution
A channel of distribution is the route through which the product flows from the producers to the consumers. The effectiveness of a distribution channel depends upon the middle man’s productivity. He offers various services such as offering after purchase services to the customers, offering products on credit, forming good links with the customers, etc. Thus, in order to do marketing analysis for a business effectively, you must opt for an appropriate channel of distribution with the right middle man.
All the above points aim to inculcate a clear understanding in the readers as to how marketing analysis is a prime key to build a marketing plan.