Why conduct a market analysis?
A thorough market analysis allows you to understand the specifics of the market and gain insight into the state of the industry. A well-conducted analysis allows you to make informed strategic decisions, which means minimizing the risk of making a mistake. In addition, knowing what a specific market is like helps you gain and vietnam girls whatsapp number retain competitive advantages and a stable position for your company.
How to perform a market analysis?
To correctly interpret the market situation, it is necessary to analyze both the company's immediate environment and the state of the entire region (country or continent). The most appropriate phrases to describe these areas are the company's microenvironment and macroenvironment.
The first is a more limited concept. Microenvironmental analysis includes cognition:
competence,
potential buyers,
suppliers,
substitutes.
The study of the macroeconomic situation provides information on aspects:
legal,
political,
technological,
Social,
Environment,
economic.
All of this information is important when planning a business, as it allows the entrepreneur to better prepare for market entry and to acquire the necessary resources more effectively. Greater knowledge allows for better organization of strategic activities, and this is one of the most important ingredients for success.