Question

Q5. What is the role and importance of market analysis in marketing planning?

(Please the Expert needs to submit a detailed answer which must be a standout in a very competitive MBA Marketing Class).

Answer 1

• A complete market analysis is a cornerstone of a successful marketing and advertising campaign.Market analysis provides an analytical approach to answering some of your companies most difficult questions;
• Who are our customers?
• How competitive is the current market landscape?
• How risky is entering this market?
• How efficient are our branding efforts?
• A market analysis is a qualitative and quantitative evaluation of the external market and your internal resources. Thorough market analysis adequately assesses opportunity, value, risk, customer purchasing behavior, competition and economic entry barriers and regulations.
• A marketing analysis does not tell the organization exactly how they should run their marketing campaign or position the company’s brand. However, it provides analytical insight that allows them to steer the company and brand around barriers or obstacles that could have impeded or completely halted the company’s progression.
  
• Market Analysis Puts Customer First-Market analysis allows companies to optimize their service or product for the job their consumer is hiring it to do.
• Market Analysis Forces Companies to Look Inward-Market analysis forces companies to consider how their product makes their consumer feel and to what degree that feeling is driving the purchase decision.
• Market Analysis Helps Determine Company's Unique Sales Proposition-Using market analysis to determine company's entry point and their unique selling proposition is crucial for creating a sustainable business model.Marketing analysis is the first step to making data-driven decisions for the business.
• A good market analysis will have an economy overview, which is very helpful in understanding where the current market is and where it is going.This can be important in identifying industries in the business development that companies can capitalize on. It is also helpful in establishing parallels in which one industry may suffer but, because of the paralleled verticals, companies can focus the candidates in another direction.