What is market analysis??

Question

I have no idea what a market analysis and what is in a market analysis. Our teacher just gave us the project so i have no idea. we're pretending to sell things that we create. i made some earrings. i set the price to $3.50 each. i wld be selling it to nebody. that's all i know. wat else do i need to do and stuff. im so lost.plz help!?!?

Answer 1

To put it very simply, market analysis is figuring out who the potential cusomers are, how many of them there are, and how much they would be willing to pay for your product.

Answer 2

Market analysis
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Market analysis plays a major part in a firm's planning activities. It guides decisions on: inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company. Forecasts in these areas must be accurate and decision makers must understand how they were derived.

Not all managers are asked to conduct a market analysis, but all managers must make decisions using market analysis data and understand how the data was derived. So all managers need a reasonable understanding of the tools most used for making sales forecasts and analyzing markets.

To understand a market analysis, managers need a basic understanding of statistics and some knowledge of computers.

A large number of market analysis techniques are related to sales forecasting, others are more general techniques for analyzing markets. The literature defines several areas in which market analysis is important. These include: sales forecasting, market research, and marketing strategy. Sales forecasting and market analysis are complementary skills that any marketing manager should possess.

Answer 3

Work out your market, meaning check what age group and sex you will be selling most to.

What kind of people would buy your item, and then what kind of shop would purchase your item to sell.

IE. If I had a blue hat for sale size is for a toddler, then I would say I would be selling it to boys, age’s 2 to 4,I would sell more in winter. I would stock them in shops that sell children’s cloths.