Question

What are the considerations for a comprehensive market analysis?

Here are some articles that provide information about market analyses:

http://www.mtab.com/4-main-types-of-segmentation-in-market-research-analysis/

https://www.decisionanalyst.com/whitepapers/marketsegmentation/

Answer 1

For comprehensive market analysis , we must consider the following

1.Market segment for which the product will be suitable

2.Market segment likely to buy your product or services

3.Market segment that has a need or pain area for use of your product or services.

Hence before market analysis is undertaken we have to understand the market segment based on customer profiling,taste,differences,geographic diversities,income levels,lifestyle considerations etc.

The data for market analysis for example the population under study or sample size must include the above mentioned factors and avoid unnecessary bias.

For purposes of market research analysis certain assumptions about different groups generally accepted as pertaining to that group. For example, deducing that adults over 20 are not eating candy bars compared to kids is a safe assumption . However, be careful to check your assumptions since they can change over time.

Needs based segmentation uses conjoint analysis to separate the groups according to functional performance. Using cluster analysis, it’s goal is to determine the driving forces behind the performance data.

Hence the factors of segmentation are vital in market analysis study besides the study group and characteristics.