- Analytics
- Churn / Attrition and Retention / Loyalty Models
- Clustering
- Customer Analytics
- Customer Life-Cycle Analysis
- Customer Segmentation
- Customer Value Models
- Data Analysis
- Data Mining
- Data Segmentation
- Decision Trees
- Market Analysis
- Market Basket Analysis
- Predictive Modelling
- Profiling
- Recency, Frequency, Value (RFV) Analysis
- Response Analysis and Models
Market Analysis
Market analysis can refer to a number of different activities. The common feature, however, is that each involves specialized analytical experience. Before undertaking market analysis, as with all analysis, it is important to be clear about what the expected outcomes are and what information specifically is being analysed.
Not all managers are asked to conduct a market analysis, but all managers must make decisions using market analysis data and understand how the data was derived. So all managers need a reasonable understanding of the tools most used for making sales forecasts and analysing markets.
There are four main types of market analysis, which we have given more detail of below:
1. Analysis of a company
The first type of market analysis is a documented investigation of a Market that is used to inform a company’s planning activities particularly around decision of: inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and other aspects of a company.
2. Analysis of potential customers
The second type of market analysis is the process of identifying potential consumers of a product or service, the size of the group, and the percentage of the market that could be captured, considering costs and competition. It is used to predict the movement of a market and to identify and quantify business opportunities.
3. Analysis of a market
The third type of market analysis is used to determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strength and weaknesses of the business.
4. Sales forecasting
A large number of market analysis techniques are related to sales forecasting, others are more general techniques for analysing markets. Market analysis is important is important in several areas. These include: sales forecasting, market research, and marketing strategy. Sales forecasting and market analysis are complementary skills that any marketing manager should possess.