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Market Environment Analysis

Updated:2018-2-28 17:44:45    Source:www.tannet-group.comViews:344

Market environment analysis is of great importance before you invest your products into the market. Conceptually, all of marketing is based on the idea that you must thoroughly know the environment in which your business operates in order to successfully promote and sell your product or service. Ultimately, your business idea must fulfill a need for your buyers and must do so in a way that’s somehow superior to the competition, however you define it. If you want to be sure that your idea will do these two crucial things, you need to know as much as you can about the following:

What is your unique business idea?
Intuitively, or better yet, based on sound research, you believe your business will succeed because you are doing something different from some or all of your competitors. The first of any business, small or large, is its uniqueness when compared to its competitors. Now, that doesn’t mean you can’t borrow a good idea from some other company and build a successful business around it. For operations and most of them look very much alike.

Some of the business owners undoubtedly borrowed their ideas from other companies they’ve dealt with. The point is, successful business find ways to make their products or services stand out from the crowd, or at least the crowd in their immediate geographic area.

Who are your target buyers?
Do you know precisely who your customers are, or will be? For example, if you sell to consumers, do you have demographic information (e.g., what are their average income ranges, education, typical occupations, geographic locations, etc.) that identifies your target buyers? You can find out this and more by doing some basic market research.

Once obtained, this type of information can help you in two very important ways. It can help you develop or make changes to your product or service itself to better match what your customers are likely to want. It can also tell you how to reach your customers through advertising, promotions, etc.

Who are your competitors?
Once you’ve identified what’s unique about your business and who your target buyers are, you need to take a good, long look at your competition. Identifying your direct competitors is important before you finalize your decision about which business category and market segment to compete in. It is vital to the success of a new or existing business because ot reduces risks, time, required resources and expense.

Once you know the identity of your most direct competitors and have a good idea as to your second- and third-tier competitors as well, you should give some thought to which actions they are likely to take in the next year or so. Estimates of competitors’ future activity depend on your knowing and understanding their objectives, strength in the marketplace and resources. This important intelligence is key to your company.

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