Analysis should include common types of market research, such as the following:
- Situation (analysis of an existing business)
- Market (analysis of potential demand for a new business)
- Feasibility (analysis of potential demand and anticipated profit)
Analysis should identify trends, patterns, and other results, using spreadsheets, graphs, and other tools.
Process/Skill Questions:
- How can computer tools facilitate the analysis of statistical patterns?
- What are the benefits of a situation analysis in relation to market segmentation?
- How often should a business conduct a situation analysis? A market analysis? Why?
- What is a SWOT analysis?
- How does research help in developing a SWOT analysis?
- What are the benefits of a business analyzing internal strengths and weaknesses?
- What are some opportunities and threats that a new business may face?