Why market analysis is important for business development?

Market research sets out to answer the following questions: who makes up the target audience?what do they want?when do they need it?where does it sell best?how can it be taken to them?why do they want/need it?what are our competitors doing?how is our market changing? Market research and analysis helps firms to plan ahead rather than to guess ahead. In business, demand is always changing and therefore it is essential to know how things are changing. Market research requires a special form of skill and therefore market research companies are often employed because they have the necessary experience and also because market research takes up a lot of time. Methods used in marketing research Data gathering involves collecting as much information as possible about the market, usually before any further steps are taken such as creating a marketing model. It relies on desk research and field research. Data is divided into primary and secondary categories. Primary data are collected in the field. Secondary data are gathered from all the material that is at present available on the subject, and is always studied first when doing desk research.

Because it will prevent us from future loss.

Market analysis or Market research is very important for any business development. Without market analysis you can be rest assured the the business is heading towards disaster. The following will not be revealed without market analysis:

1. Do your product have demand?

2. what is the customer need?

3. what is the market potential of your product?

4. How much should you produce?

5. How much should you stock?

6. What is the selling price you should fix?

7. How you should promote the product?

8. How big is the territory?

9. How many persons to be recruited?

10. What are the other suppliers doing in the market?

11. At what price are the other suppliers selling their product?

Like the above there are innumerable questions that need an answer before you venture into a market in order to survive than thinking about business development. So Market analysis is the foremost important aspect of any business. Hope it is clear.