How to monitor the market
Video: Forex Alert Systems, Monitoring The Market 2024, July
Market monitoring is essential for effective business management. Monitoring allows you to track the activities of direct competitors and their pricing policy. Based on these parameters, a business can be adjusted to the main trends of the analyzed market in order to increase the customer base and profits, respectively.
You will need
Information on the nearest competitors, data on suppliers, data on sales volumes, Internet access
Instruction manual
1
Perform an analysis of the needs and wishes of potential consumers. Market monitoring is a rather painstaking and lengthy process, the results of which will allow you to quickly respond to the changing economic situation in the market. All these events will be an excellent impetus for the further development and construction of a strategic plan for the further activities of the company. Monitoring begins with an analysis of the needs of representatives of the target audience of a given brand or brand. Based on this analysis, you can adjust your own pricing policy, product range, location of branches or offices, promotions and bonus programs carried out during the sale of products.
2
Perform an analysis of competitors and their pricing policies. Competitor analysis is a complex process that seeks to identify their benefits. Why are they better than a particular company? What is their main superiority? What are the disadvantages of their activities? What suppliers do they work with and why do their sales volumes exceed those of the company? Answers to these questions will allow taking steps to improve our own activities and strengthen our competitive advantages in the analyzed market.
3
Make a generalized market analysis. The basis of the general analysis is the collection of data on suppliers, sales volumes taking into account the sale of competitors' products, on the main types of advertising and other parameters that may ultimately affect the company's activities. Based on this information, you can create a table that displays the competitive advantages of the company, as well as its disadvantages compared to competitors. This table will also allow us to conclude which indicators should be improved by the company, and which, on the contrary, are its main competitive advantages.
Useful advice
Monitoring always needs to be given special attention; the success of the company in the market depends on the quality of its implementation.
