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Market Analysis Template

Guest post by: Zeeman Haus

Article Overview: When looking into a new business proposition or else brainstorming for your current market a market analysis template can be used rather effectively. What this does is break down your market segment into clearly defining traits that your market has to help you figure out how to better serve you customers. There are more than a few market analysis templates floating around for free, a simple web search will net you more than you would ever use. However, an understanding of the components that make up a market analysis template and making sure you have everything you need in place can be very helpful. I just so happen to have a few ideas on that.

Market Analysis Template



When looking into a new business proposition or else brainstorming for your current market a market analysis template can be used rather effectively. What this does is break down your market segment into clearly defining traits that your market has to help you figure out how to better serve you customers.

There are more than a few market analysis templates floating around for free, a simple web search will net you more than you would ever use. However, an understanding of the components that make up a market analysis template and making sure you have everything you need in place can be very helpful. I just so happen to have a few ideas on that.

One of the neatest acronyms out there is PEST; Political, Economical, Social and Technological factors. In most cases these will always be the factors you need to look at for virtually every product and service provided in the marketplace.

“P” is for political in the PEST. This covers regulatory bodies, but also pressure groups, lobbyists, war and conflicts and well as international legislation and possible environmental groups; anything that has to do with the law. By that, it is also meant to encompass possible future legislation as well.

“E” is for economy, that seems pretty simple right? Sure does! But don’t forget to take into account, overseas economies, sales taxes, business tax, seasonal markets, trade trends, sales trends and end user value perception. Yeah, it seems complicated, that’s why you’re looking for a template, remember?

“S” is for the social aspect of your product or service. This section explores lifestyle trends, buying trends, ethnic and religious factors, ethical issues and your company image to name a few aspects. Deciding if your product or service is “trendy” or in need of a little image help is a pretty major factor in marketing and the social aspect of your product should not be overlooked. Often even the same tried and true products will go through a little revamping in hopes of renewing interest and boosting sales.

“T” stands for technology and this is every bit as important as the other four sections of the PEST. In this section you could be analyzing how the competition is developing new technology, how your own R&D is coming along, information and communication both externally and internally in your business, intellectual property issues, innovation potential and even solutions to replacement technology issues.

Because there is a lot of ground to cover and you want to be as thorough as possible, keeping it simple, yet all encompassing. Having a template in place will help to better organize your marketing analysis and keep you moving forward. While no template will have exactly everything you might need or desire, having something around to give you a hand is always welcomed. Another aspect of having a great market analysis is that it enables you to be forward looking and proactive in your business practices. Properly applying one will definitely benefit any type of business.

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Article Tags: business forms, business proposition, market analysis template, market segment, new business
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