Before addressing the issue of development of the brand, it is essential to analyze the market. The analysis requires the entrepreneur to define the desired market and establish your pricing, distribution and promotion. Understand the market means understanding the possibilities. We recommend an analysis of three parts:
1. Analyze the strengths and circumstances of the industry and the product. Think about potential threats and how your product or service will survive in the market today. Think of the bureaucracy involved in this industry, product development and cost of external factors.
2. Analyze the overall environment for your idea from four perspectives: business, customer, competitor and partner or potential partners.
I. The Company - have to think about services, benefits and promises it offers customers. It also has to think about the goals of the organization and the personality of the organization you want to convey to the customer. Some questions include
What are your services and products? How your sales structure is constructed and how they have been historically sold its products?
II. Customer - You have to think buyers, people who influence buyers and people who use the product (these groups may be different). Some questions include
Where, geographically, sells products? How are your customers in terms of their income and demographics? What motivates customers to shop?
III. Competitors and market
The questions to know the market are:
· What is the size of your market sector?
· How is the market structure?
· How will the market grow in the coming years?
o The potential growth depends on the structure of the industry, competition, strategies for market entry and the amount of capital the company wants to spend to increase market share.
· Is there an opportunity in the untapped market?
Competitors include companies that compete directly with companies influencing competitors. In addition, there are two types of competition - the current and potential. You can analyze it from the point of view of the customer or from the point of view of business, and examine the competitive strategies used by each to understand their motives.
How are typical competitors?
What are the advantages of your product? How is your product different?
What is missing from the product of competitors? What are the critical customer of competitors? The success of their product depends on an edge, whether a product attribute or a cost of lower production.
IV. Stakeholders- workers groups, social organizations, shareholders and suppliers, among many other key players who are affected by the decisions of a company. Build trust with these is essential for the development of an organization. and & nbsp; any company or person who has an interest in its success, including organizations that use their product as an input or sell their product.
3. Analyze market dynamism - threats and opportunities answering:
· What are the market trends, and how it affects you?
· Are there competitive trends? What would be its impact?
· Do your current products happen in today's market?
All this information can be found on state reports or professional publications that talk about market trends.