Date Added: Jan 2011
It's critical that you develop a clear view of how the world at large - including your competition - affects your business and its profitability. But the depth of detail in your market analysis will depend on how you intend to use it. If you're looking for investors, you need to demonstrate that you understand your industry while avoiding extraneous information. If you're creating an internal plan that will guide your strategic direction, you may require much more detail. Divide the market into workable segments for which you are collecting data. Ways of segmenting the market might include age, income, product type, geography, buying patterns, customer needs, lifestyle, psychographics or other classifications.