The Importance of a (Good) Market Analysis

An essential part of every business is a business plan.  And one of the biggest sections in that business plan is a market analysis, also known as a competitor analysis.  This process involves information on industry trends, an assessment of major competitors and their strategies, a review of the channels of distribution, and a wide variety of data on current and potential customers, taking into account geographic location.  One must intimately know their target market.

How will this analysis affect your business?  Once collected, this information is critically reviewed and organized so that it can be used in making strategic decisions.  It is particularly important to know whether demand is increasing, decreasing, or remaining constant.  You will want to know how customers make their purchasing decisions so that you can influence them as a company.  BDN offers a custom market analysis with every business plan and consulting services to help you sift through the information and apply it to your business.  Afterall, increasing sales increases profit!

This entry was posted in Marketing, Small Business Startup and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s