Market analysis is a kind of relationship that develops in the market during such a period of time when the process of selling and buying goods takes place. The more accurate and specific the knowledge of the market conditions, the lower the risk of its participants. Therefore, market analysis is necessary in order to correctly make a market forecast.
Forecasting growth and development trends
The easiest way to predict the market situation is extrapolation, i.e. the propagation of past trends into the future. Obtained objective tendencies of changes in economic indicators to a greater extent predetermine their value in the future. In addition, many market processes have a certain inertia. This is especially shown in short-term forecasting.
Forecasting the sales volume of a market product
Sales analysis is required to support strategic decision-making, primarily planning the organization and activities of the sales departments.
Tasks:
1. Identify the causal relationships that will lead to changes in the sales of the enterprise.
2. Identify the parameters influencing the possible increase in sales.
3. Develop the necessary recommendations and identify signs that will allow you to use the company's capabilities and avoid threats.
Methods by which market analysis is carried out
Statistical methods of information processing determine the average estimates, the magnitude of errors, the degree of consistency of opinions, etc.
Multidimensional methods are used to compose marketing decisions. They are based on the analysis of many interrelated elements - for example, determining the volume of sales of a new product depending on its technical characteristics, competitiveness, price, advertising costs, etc.
Correlation and regression methods are needed to establish relationships between groups of relationship variables that describe the activities of the enterprise.
Simulation methods are used when the variables that affect the current situation are not determined analytically.
The methods of statistical decision-making theory are used to study the reaction of consumers to changing market conditions.
There are two main directions of using these methods: for statistical testing of proposals about the market structure and hypotheses about the market state. For example, analyzing the degree of brand loyalty.
Deterministic methods are used in cases where there are many interrelated variables and you need to find the optimal solution among them. For example, the option of delivering goods to the consumer, which will provide maximum profit in the future, through one of all possible distribution channels.
Hybrid methods combine deterministic and probabilistic principles, primarily used to study the problems of goods movement.
