The material this week reiterated what a market analysis is and how it can be used by companies. Market analysis is essential for a business looking to make decisions about their industry and potential customers. This assignment will be the creation of a miniature market analysis for your course project company. It’s important that your choices reflect the strategic goals set in your previous course project assignment. None of these assignments are created in a vacuum. All decisions should be related as this is really one large strategic management plan document. Look back in the course material and at your past assignment if you need to remind yourself. By the deadline this week, you’ll need to write a market analysis for your company that’s at least two pages in length and completes the following:
- Industry Description Create a general industry description. If your business operates in multiple industries then choose the one you’d like to focus on.
- Is the industry shrinking or growing and how much money is spent in that industry annually?
- What stage is your company’s product at in the product life cycle? Explain your answer.
- What are three possible target markets for your business in this industry and what reasons did you have for choosing each?
- Target Market Choose one target market from the three you identified in the industry description and define it.
- What are the basics characteristics of your target market?
- What features and benefits is this target market looking for from your business? Explain your answers.
- Is this target market a niche or more of a main topic for companies in your industry? Explain your answers.
- Competitive Analysis Identify the most successful business that you’ll be competing against.
- What are two strengths and weakness of your competitor?
- Who is the target market that they pursue and what do you see to support this opinion?
- How is your strategy and target market the same or different than theirs? Defend your choices.
- Regulations Research at least one legal trend or specific law that will impact the way you do business in this industry. It can be something that already exists or something that may be coming in the near future. Discuss the law and why/how it impacts the way that you do business.