What is market analysis?

Market analysis is to make a strategy for taking a decision, like investment, entering markets, and leaving markets. It is the main Aim to focus on the structure of an industry, sub-industry, sector and more. Market analysis basic means is to check the market Growth rate, size, profitability, trends, and competitive environment.

Types of market analysis

1. A priori (most commonly used)

A priori is explained about relating to information which proceeds from theoretical deduction rather than from observation or Experience.

2. Usage segmentation (also used frequently)

Usage rate segmentation divides behavior of taking product usage. The team divided this analysis into four parts, like Non-users, light, medium, and heavy product users. After getting these reports then company focusing on heavy product users.

3. Attitudinal (cluster analysis)

Cluster analysis is known as conduct and interprets by the user. It is also known as a statistical tool to divided objects into two groups. It is generally used for exploratory analysis and provide methods of discovery by solving classification problems.

4. Needs-based segmentation

Needs-based customer segmentation is the technique to get information about your product and consumer behavior, like user, love your Product or not. The company focused on good consumer behavior to sell them more product. This strategy helps the delivering need of Customer product more effectively.

What is market research?

Nowadays, many companies have own team or market research and analysis, the team is experts to build the strategy for market Research. Market research means that, gather information about products position, customer details, customer behavior, and more. After gathering these information company can take a decision about make selected products or not.

Types of market research

1. Market Segmentation

Market segmentation is all about asking questions and gathering data about consumer needs, Values, and behaviors. Marketing can't get the report of every person or business at the same time, So the main aim of market segmentation is to allow to build the strategy for making the market strategy.

2. Product Testing

A deep understanding of products and consumer behavior is called product testing. nowadays companies have many strategies for product testing then positioning in a competitive market.

3. Advertising Testing

Business promotion or product promotion both are the part of advertising testing. nowadays millions of user activity on the internet, so Social media helps to target selected customer by choosing the city, age, gender, and more.

4. Satisfaction and Loyalty Analysis

This is all about what customer feel about your product and how many times you purchased your product. present time many tactics to fetch data about which customer is your permanent and which is the satisfied customer. after getting these details company get help to forecast decision.