A market analysis explores the dynamics of a particular industry
The analysis should assess potential consumer segments, buying patterns, competition, or other important factors
A thorough market analysis may include a SWOT, PESTLE, and/or Porter's 5 Forces
Understanding your industry landscape is the key to success for any business. A deep analysis of the market allows companies to size the value of their market, assess potential new customer segments, position against competition, and avoid barriers to entry.
What is Included in a Market Analysis?
Every market analysis will have its own scope - some are simple and straightforward, while others are complex and highly detailed. At the very least, every market analysis should include a basic industry overview, a definition of the target market, and a layout of the current competition.