Why is market analysis important in establishing a business.

[IB D]

A thorough examination of the target market, including market size, demographics, competition, and marketing strategy.

It is important because it helps to give the business an overview of who their potential customers are and their purchasing patterns. With it, it can help to determine the feasibility of a business.

 

[Springtime]

Conducting a marketing analysis helps a company to under customer needs, market size and the competition. It is vital to the survival and growth of a business.

 

[Heatman]

If you want to succeed in any business that you want to start, it's very important that you carry out a market survey and analysis for that product to know if it's something that's going to be feasible for you to run.

 

[Shavkat]

It is how we can know the feasibility of a company. If we are not aware of what is going on in the market, then how can we develop our marketing strategies.

 

[uptrendfinancialsignal]

Conducting a thorough market research is phenomenal to development of a business.