Course Description
In KnowledgeCity’s course Performing a Market Analysis, you will learn how to determine the purpose of your market analysis and how to focus your research to best serve that purpose. You will learn how to do industry research and how to identify and research your target customers and competitors. You will also learn how to find additional, relevant information and perspectives and incorporate them into your market analysis. You will then explore how to implement the results of your market analysis into your business with a marketing strategy and plan.
Performing a market analysis begins by establishing a clear purpose for the analysis. Your purpose could be internal. For example, you could be looking to improve your competitive position, develop and launch a new product, or explore the potential for entering a new market. You could also have an external purpose, such as attract outside debt or equity funding.
Whether your purpose is internal or external, the elements of your analysis will be the same—just with more or less focus in certain areas. An internally-oriented market analysis may focus more on the competitive landscape, customer segmentation, branding strategy, and creating your unique selling position, while an externally-focused analysis may look more at market trends, market size and growth, market share potential, and profitability.
With the purpose established, the market analysis will involve conducting primary and secondary research on your industry and identifying and researching your customers and competitors. It will also include any additional data that you discover and determine to be relevant to your analysis. The capstone of the market analysis will be to apply the results of the analysis to your business and marketing strategy and developing or updating your marketing plan.
What You'll Learn
- Determine the purpose of your market analysis and compare internal and external purposes
- Conduct industry research using primary and secondary research
- Identify and research your target customers and competitors
- Gather and analyze other relevant data and perspectives for your analysis
- Implement the results of your analysis into a business and marketing strategy
- Explain the reasons for, and the process of, creating a marketing strategy and plan
Key Takeaways
- Performing a market analysis begins by establishing a clear purpose, which can be internal or external.
- Internal purposes include improving competitive position, developing and launching a new product, or exploring entry into a new market, while an external purpose can be attracting outside debt or equity funding.
- Whether the purpose is internal or external, the elements of the analysis are the same, with more or less focus in certain areas.
- The market analysis involves conducting primary and secondary research on your industry and identifying and researching customers and competitors.
- The capstone of the market analysis is applying its results to your business and marketing strategy and developing or updating your marketing plan.
Frequently Asked Questions
What will I learn in this course?
You will learn how to determine the purpose of your market analysis and focus your research accordingly, conduct industry research, identify and research target customers and competitors, find additional relevant information and perspectives, and implement the results into a marketing strategy and plan.
What is the difference between an internal and external market analysis?
An internally-oriented market analysis may focus more on the competitive landscape, customer segmentation, branding strategy, and creating your unique selling position, while an externally-focused analysis may look more at market trends, market size and growth, market share potential, and profitability.
What topics or lessons does this course cover?
The course covers an Introduction, determining your purpose and researching the industry, identifying your customers and competition, gathering and analyzing other important data, implementing what you learn, and a Test Your Knowledge section.
What skills does this course help me develop?
This course helps you develop skills in Business Analysis, Customer Analysis, Industry Analysis, Market Analysis, Market Research, and Product 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.
