Market Analysis for Product Software

When examining competitive advantage, it is also important to consider the market and take into account the existing competition against larger firms.

To be able to do this project you should select a company of your choice and identify the various market research techniques the company has used to gather information of the market.

Market analysis is determining the attractiveness of a market and looking for growth opportunities and threats related to the strengths and weaknesses of the company (Aaker, 2008).

A market analysis, or market research, helps to understand the community an organization is working for, as well as come up with ideas for the future (Berkowitz, 2011). This is true for any organization, and even more important for smaller organizations, as that may not have a large amount of money to use for new ventures, services, and products. Not to mention the organization needs to determine the best plan of action for their consumers, as well as those that are not yet utilizing the services and products being offered.

A wide-range of marketing research tools is available to market researchers and organizational decision makers. The following focuses specifically on data collection methods for conducting both primary and

Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market.

Brown, T. (2014). Basic Marketing Research, 8e, 8th Edition. [VitalSource Bookshelf version]. Retrieved from http://online.vitalsource.com/books/9781305178571/page/24

Requirements gaps: Making sure that the business is meeting its needs financially enough to use the software and if the software will increase profits.

• Market Segmenting- is known for targeting potential customers that are the best matches for services and products. This type of tool is important to businesses because it involves finding the different needs that exist with consumers. For example, some consumers prefer a fast paced environment while others are concerned with the space.

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M1: Explain, with examples, how different market research methods are appropriate to assist different marketing situations. Looking back at the market research methods that could be used to collect information, methods such as questionnaires/ survey, observation, focus groups, experimentation, internet, website monitoring etc. I am going to select 3 primary and 3 secondary methods of research from the ones I have written about. I have chosen 3 primary researches which are: •

4. An analysis of the industry, i.e., degree of competition, growth of industry-wide sales, profitability of competitors, life cycle stage of the industry, Porter’s five factors, and P/E ratios of competing companies.

Market Analysis: The analysis shows the preference of people which products they would like to use.

Carefully evaluate the pros and cons of the segment markets and determine the market where the product has definite advantages over other

Market analyze is very important to get customers feedback. By gathering market data , market growth the organization will get to know about the competitors.