Course Description
In the KnowledgeCity course Market Analysis Basics, you will learn what a market analysis is and why it is important for your company to conduct one. You will learn the key elements that should be included in a market analysis, and you will understand the importance of each. You will also be introduced to the tools and software that are available to help you successfully conduct your analysis.
Market analysis is an essential tool for understanding and evaluating the market where your business operates. It includes research of the industry where your company and your competitors do business to identify trends, government regulations, legal concerns, and potential risks and opportunities. The market analysis helps you identify your target market and your best customers along with what problems, needs, and desires they have that your products can help solve and satisfy.
The market analysis also takes a close look at the competition that you will face in the marketplace, how they operate, what products and services they offer, their prices, and distribution channels. It also assesses the strengths and weaknesses of your competitors for comparison with your company’s strong and weak points.
What You'll Learn
- Describe the basic purpose of a market analysis and why it is important for your company to conduct one
- Identify the key elements that should be included in a market analysis and the importance of each
- Explain the differences between the various market analysis tools
- Compare the available software applications for conducting a market analysis
- Evaluate your target market and best customers, including their problems, needs, and desires
- Assess the competition, including how they operate, their products, prices, distribution channels, and their strengths and weaknesses
Key Takeaways
- Market analysis is an essential tool for understanding and evaluating the market where your business operates.
- It includes research of the industry where your company and competitors do business to identify trends, government regulations, legal concerns, and potential risks and opportunities.
- The market analysis helps you identify your target market and best customers along with the problems, needs, and desires your products can solve and satisfy.
- It examines the competition you face in the marketplace, including how they operate, their products and services, prices, and distribution channels.
- It assesses the strengths and weaknesses of your competitors for comparison with your company's strong and weak points.
Frequently Asked Questions
What is this course about?
Market Analysis Basics teaches what a market analysis is, why it is important for your company to conduct one, the key elements that should be included, and the tools and software available to help you successfully conduct your analysis.
What topics does the course cover?
The course covers an Introduction, What Is a Market Analysis?, Market Analysis Tools, Elements of a Market Analysis, and a Test Your Knowledge section.
What skills will I gain from this course?
The course covers skills including Business Analysis, the Business Analysis Body of Knowledge (BABOK), Industry Analysis, Market Analysis, Price Analysis, and Product Analysis.
What will I be able to do after completing this course?
You will be able to describe the basic purpose of a market analysis, identify its key elements, explain the differences between market analysis tools, and compare available software applications for market analysis.
Professional Certifications and Continuing Education Units (CEUs)
Professional Development Units (PDUs): 0.5
KnowledgeCity has been reviewed and approved by the PMI® Authorized Training Partner Program. Users can maintain your PMI credentials by earning PDUs from KnowledgeCity qualified courses in Project Management, Business Management, Leadership and many others.
