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Analysing Markets

It is very important to analyse your markets whether you are starting a business or you are in business already. Existing businesses continuously work on budgets/sales forecasts which should generally be influenced by the prevailing behavior of the market among other factors. You cannot derive your forecasts purely on targets you want to achieve, you have to check your targets against the reality of the market situation.

Considering the info about your markets is not an excuse for you not to achieve sales forecasts, however, it is a way to ensure that you can marry the right strategy to achieving your targets by using marketing analogies to derive your strategies.

A good market analysis must consider the following;

1. Who are the purchasers of your products - geographic, demographic etc? Why do they buy from you or why would they buy from you? is it the quality of your products? or the price? etc

2. What is the size of the market? Is it growing or shrinking? Is it profitable?

3. Consider your market share or if you are a new business, what market share are you targeting over what length of time?

4. What is the industry outlook?

5. Is there a niche market that is currently under serviced by the competition, does this present an opportunities to your business?

With this kind of analogy you will be able to develop the right marketing plan/strategies to compete and achieve your targets.

 

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We are a strategic marketing company that develops strategies based on our analysis of your markets. We like to sort through the clutter and find the best perspective on your target markets at large.  This perspective allows us to see patterns where others simply see complexity. In addition we are very vigilant in our approach, we do not deny the risks out there in the markets, instead we draw each of them out into the open, then the risk can be mitigated. To cap it all we love to learn, it is not our claim that 4D Marketing knows everything. Any new industry or area of specialisation will be learned and our analytical minds will allow us to develop relevant marketing strategies for the new areas learned and our deliberative approach will guide us in mitigating any negative impact of competitor activity on your brand.