Market analysis frameworks help companies understand their position in the market and identify opportunities. They are also beneficial for project management and internal process enhancement. Using a framework can help your company generate more revenue.
There are many factors that influence the market. These include economic factors, social trends, and technological advances. Some of the most common market analysis tools include the Growth-Share Matrix, the SWOT analysis, and the PEST analysis.
The Growth-Share Matrix is a tool that allows a company to analyze the strength of its product. It is designed to evaluate the performance of each product against a competitive landscape. This helps you determine which products to invest in. You can find products that have high growth potential and low market share. If you want to launch a new product, you can use the Growth-Share Matrix to compare it against your competitors.
The SWOT analysis is another tool that helps you analyze your company’s strengths and weaknesses. This helps you decide whether to invest in a product or to go into a new market. Basically, the SWOT analyzes the organization and the products you are selling.
In addition to this, the 7Ps Marketing Mix helps you analyze your business. It also considers people involved in the production, distribution, and promotion of your product.
Finally, the PEST analysis is a useful tool for understanding the external environment. It assesses the political, economic, social, and technological factors that could affect your business.