What is Market Analysis?
Market analysis is associated primarily with two questions:
- What would be the collective demand of the planned product / service in future?
- What would be the market share of the project under evaluation?
To answer the above questions, the market analyst needs a broad variety of information and suitable forecasting methods. The kinds of data required are:
- Consumption trends in the past and the present expenditure level
- Past and present supply situation
- Production potential and constraints
- Imports and exports
- Formation of competition
- Cost structure
- Flexibility of demand
- Consumer manners and conduct, intentions, motivations, attitudes, preference, and needs.
- Allocation channels and marketing guidelines in use
- Administrative, technical, and legal constrictions.
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