ONLINE ASSIGNMENTS ON MARKET ANALYSIS IN AUSTRALIA
A detailed and thorough investigation of market is known as market analysis. This investigation is carried on by the business firms to discover both qualitative and quantitative aspects of the market. It is basically done to prepare a road map so that the company can formally enter the new market. Major goal while searching market for your marketing assignment is to discover the existing market opportunities and threats.
APPROACHES OF MARKET RESEARCH
To study and understand the dynamics of market research one needs to take the help of experts and professionals of the given market. Consultation from the working professionals who are a part of market can also be very beneficial as they have a deeper understanding. Interviews, reading articles, experts, researches etc. also prove to be great resources.
DIMENSIONS OF MARKET ANALYSIS
Different dimensions which are studied in market analysis are listed below. If one wants to operate market research or have an assignment related to market research, all these dimensions listed here prove to be very fruitful.
- SIZE OF THE MARKET
Regarding the judgement about the size of the market or its future potential, one needs to discover the data from various resources. The different resources could be interviews, researches, reports, professionals etc. one can also discover the data from government reports, central banks, trade organizations to determine the size of the market.
- CURRENT TRENDS
It is very much crucial to understand the trend of market to carry out the research. The trend of the market analysis assignment help can be general or specific which is very necessary to know the success of the given market. The increase in rate of interest increases the cost of borrowing and effects the industry as well whereas increase in import tax or reduction in production will affect the garment related industries. The most commonly used methods to determine the market trends are choice modeling, product research, consumer behavior etc.
- ANALYSIS OF GROWTH RATE
To determine the market growth rate by considering the historical data is one of the most commonly used methods of doing the market research. However, it is a very crucial method to discover the future market growth rate as it is not accountable for all the drivers of growth like technology consumer behavior etc.
- CURRENT OPPORTUNITY AND STRUCTURE OF INDUSTRY COST
Sometimes the opportunity of a market for a product is based on the technological development of an enterprise. It is something which really satisfies the requirements of a market. The porter’s 5 forces play a very crucial role if one wants to discover the cost structure of a company.
The scope of market depends on the conditions of different market. An exceptional framework has been given by Michael Porter for the evaluation of profitability of an industry under different circumstances of market. It has explained 5 different forces to discover a market situation and they are:
- Bargaining power of buyers
- Bargaining power of suppliers
- Competition in the industry
- Threat of substitute products
- Potential of new entries
Basic information can be provided about how the products and services reach their target markets from the understanding between the current distribution channels. Optimization of current channels can be done by working towards it which in-turn leads to the reduction of operational cost as well. Innovation of new distribution channels can be done to make a company gain competitive advantage and great margins as well.
To fulfill the goals of business, number of factors are involved in a business firm which help like patent technology, resources, distribution channels etc.
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