The challenge for any business is to gain a sufficiently detailed understanding of the fundamentals of a market. Without this insight, it is unlikely that marketing strategies will prove effective or that marketing objectives will be met.
Gaining this understanding is the task of market analysis.
By market fundamentals we mean understanding issues such as:
The process of analysing the market should not be considered as a one-off. An effective marketing team is constantly searching and updating their market knowledge.
However, detailed marketing analysis is particularly important for tasks such as:
There are several methods of analysing a market that are in common use. The following methods are covered in the following sections:
Join the tutor2u Business team for a resource-packed day designed to fast-track your lesson planning and preparation for the new Edexcel A Level Business specification. We'll look at the key changes in teaching content, explore the new challenges of teaching this linear specification and dive into some brand new teaching resources designed specifically for the new Edexcel A Level Business course from September 2015.
This resource comprises two practice exam papers (with supporting mark schemes) for each of the two Year 1 (AS) papers. The format of each practice exam paper follows precisely the format of the specimen assessment materials issued by the board that have been accredited by Ofqual.