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    Why is a business & market analysis important?Therefore the business and mar-ket external (environment and market) and also internal analysis are necessary as the prerequisite for the key steps of marketology and accordingly for strategic market management.
    What is market analysis?Market analysis is a broad topic that includes the worlds of market research and strategic analysis. The diagram below shows the 5 areas that need consideration. Understanding our competitors, markets, and how customers perceive our products is fundamental to market analysis.
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    When should you do a marketing analysis?You can use a marketing analysis at several stages of your business, and it can even be beneficial to conduct one every year to keep up to date with any major changes in the market. A detailed market analysis will usually be part of your business plan, since it gives you a greater understanding of your audience and competition.
    What is market/submarket analysis?The market/submarket analysis involves determining the attractiveness of the market and submarkets, understanding the dynamics of the market, and exam-ining of the market size, growth prospects, profitability, cost structure, channels, trends, emerging markets, and key success factors.
  5. How to Conduct a Business Market Analysis - Business News Daily

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