It is important to understand your business and what product/service you provide in order to correctly analyze your industry and its trends. You will want to know the following about your industry:

  • Size
  • Growth rate
  • Maturity
  • Sensitivity to economic cycles
  • Regulatory requirements
  • Seasonality
  • Supply/distribution channels
  • Financial characteristics

Essential to business success is knowing your customer. Therefore, market analysis considerations need to be given to the following:

  • Defining your target market
  • Competition
  • Strategic position (including risk assessment)
  • Sales strategy
  • Your market plan