When analyzing a market, these high-level questions come into play: Pursuing adjacent opportunities can also be a winning strategy.In a five-year study, researchers analyzed the growth and performance of 1,850 corporations.Or you might be able to find your market information from the Department of Labour, at gov.za, the Department of Finance and others.
Chasing too many growth initiatives can be dangerous for your business. However, assessing your customers and competitors is not enough.
According to the Harvard Business Review, "As an executive team's priority list grows, the company's revenue in fact declines relative to its peers." Use market research to analyze your customers and competitors on multiple levels. You also need to obtain a broader understanding of the market as a whole and what the potential of success is in the market.
And whether you’re just starting a new business or reviewing an existing business, you should renew your market analysis at least every year.
Markets change – a business needs to watch for changes in its market.
The market you need to look at is your potential market, not the actual market served, the one that’s limited to your existing customers.
Your target market is much wider than just the people you already reach.
In these reports, you’ll find information on market size, market share, market forecasts, information on regulations, consumer demographics, and much more.
In addition, many reports explicitly share analysis on key opportunities for future growth, next-generation product innovation, and emerging marketing strategies.
The market for personal computers includes homes, schools, businesses, and government organisations.
It’s your plan – and every plan is different – so you need to know as much as you can about your target market.