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!