Market Research and Assessment

Market Assessment

A market assessment is a comprehensive analysis of your company’s competitors, consumers, and other industry stakeholders.

A critical part of your company documentation, a market assessment enables your company to understand the need and demand for its business offerings in the market. It provides details on market opportunities, growth drivers and barriers, industry cost structure, distribution channels, market trends, key success factors, market competitiveness, and consumer preferences.

Conducting a market assessment study is critical for your company whether you are looking to launch, expand your business or grow your consumer base.

It includes:

Market Dynamics: Outlines the historical and forecasted market growth rates, market segments, drivers and barriers, regulations, and market trends
Competitive Landscape: Outlines the overall competitiveness of the market, market share of key players, capability, opportunity, and threat analysis, and competitive benchmarking
Consumer Dynamics: Offers insights into consumers’ requirements, preferences, purchase behavior, and maximum willingness to pay

Market Assessment important for business today

Market assessment enables your company to:

Identify the market potential of your company by understanding market and consumer dynamics
Forecast your sales by evaluating the size of the existing and potential consumer base
Access capital by indicating the market potential of your products, or services
Formulate strategies to achieve both short-term and long-term business objectives
Assess your business performance by benchmarking your offerings against those of competitors
Estimate the price of your offerings by analyzing consumers’ need and their willingness to pay

Market Assessment important for an event tomorrow

The market assessment is important for an event tomorrow, as it helps:

Assess the market potential and business opportunities for your company
Recognize the potential of your company’s offerings to address current gaps in the market
Evaluate the competitive advantage of your company vs external market conditions
Benchmark the offerings of your company with its peers
Assess opportunities to expand to adjacent markets and grow business offerings post completion of a transaction

Pros of addressing Market Assessment

addressing Market Assessment will give you these pros

Risk mitigation by understanding market barriers, regulatory scenarios, and competitive threats affecting your business
Improvement in your market position with the unique sales proposition of your company’s offerings
Maximum return on investments through an understanding of market dynamics and competitiveness
Improvement in your company’s offerings and increase revenue
Assessment of consumers’ needs, pain points, and willingness to pay
Improvement in efficiency as it enables your company to restructure based on market conditions

Cons of not addressing Market Assessment

List of cons of not addressing the market research

Increase in inefficiencies as a business strategy is formulated without adequate assessment of the market
Potential operational inefficiencies due to the inability to identify market opportunities and threats
Increase in risk of financial loss with products and services that have limited attractiveness in the market
Restriction on growth potential due to failure to expand into adjacent markets and launch new customized offerings