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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.
    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 a market analysis?In a market analysis, you will study the dynamics of your market, such as volume and value, potential customer segments, buying patterns, competition, and other important factors. A thorough marketing analysis should answer the following questions: Who are my potential customers? What are my customers’ buying habits? How large is my target market?
    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.
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