Market analysis: what information to collect?

What information should be included in the first place?

First, the report should contain general information on a particular market. This section should include a description of the methods of work in the market, the overall assessment of the level of competition, especially the development and perspectives.

Second, the assessment of competing players in the market should be included. This section should be made as complete as possible. It is desirable to obtain information about the product positions, approximate place in the market, trade, advertising activities, capacity development and the structural features of the business of each individual player.

Third, we need to include in the report information about customers, their preferences, the level of income, expectations. It is also important to take into account behavioral characteristics of consumers, the inclination adopted a way of thinking and stereotypes.

Fourth, the analysis should contain information on the approximate capacity of the market. Market capacity is desirable result in physical and monetary terms. Of course, the true size of the market can rarely be calculated up to a point. However, it is important to have a better understanding of it.

Fifthly, the report should indicate the complexity, priority issues and challenges that we have to deal within the market launch of the new product. Launch of a new product or the expansion of an entirely new market requires a serious assessment and planning. It is important to think through every step, to assess the level of risk and calculate the possible consequences for the market launch of the new product.

Usually, marketing reports contain much more information, which is divided into a variety of items and sub-items. But in the final report, it is important not to disperse the efforts, and be more important and more compact in the facts.

Artem Safarov is author of the section “People and Brands”. He is specialist in marketing and PR. He studied crisis management at World Technological University. He worked as manager and director of marketing and PR. He launched his first product in the market at his 20s.