https://boardroomdigital.blog/reasons-to-conduct-market-research-for-your-business/

Market analysis can assist you in making better choices when you’re planning to launch a new product, or looking to improve what you already have. Market analysis is the combination of market research that is the process of collecting data as well as market insights, the interpretation of that data. Both are essential elements and can be accomplished using AI-enabled software.

A market analysis will assist you in determining the state of the business, as well as the competition and industry trends. A thorough assessment will include quantitative information, such as the size and pricing structure of the market potential, as well qualitative factors, like the values, beliefs, and motivations for buying of customers. It helps you identify your competitors and anticipate your future needs by analyzing market trends.

A thorough study of the market will confirm that your business idea is viable and could serve as the basis for your business plan. It will tell you whether there is a market for your product or service, how much you should charge and how fast you will achieve profitability.

After you have completed your market analysis, you must apply your insights to keep a competitive edge that are based on data, not based on guesswork. It is important to distinguish between correlation and causality. A well-known study showed that there was a direct correlation between ice-cream consumption and homicides. But just because they’re connected does not mean it is because ice-creams cause the problem.