What is Market Analysis?
Market Analysis is a renowned tool in marketing and business to measure the behaviour of an organization, industry or economy in particular way. Market Analysis is used to predict the strengths, weaknesses, opportunities and threats related to an organization, industry, market or an economy in broader perspective. There are many techniques which are available to do Market Analysis. Among these SWOT analysis is most commonly used. This analysis technique does not only identify the business position but also assist in planning and development of adequate business strategies. Being the part of Market Analysis, SWOT is most prominent following by other strategies like internal and external business environment analysis. EIC analysis, inbound and outbound analysis as well TOWS analysis etc. Market Analysis is also known as the documented auditing of a market which is used for activities planning of a firm around decisions of procurement, inventory management, facility expansion/contraction, workforce requirement, logistics management, assets management, promotional activities and many other aspects of a business.