Defining Your Market

Market Analysis Considerations include:- Customer's Profile Competitor's Analysis Geographical Location Local Culture and Community PowerPoint Presentation When performing the market analysis for a new internet venture, several considerations must be addressed which are :- Customer's Profile The customers profile is primarily the identification of the target audience as previously stated and will be the basis of development of the new internet business. Example, if the new internet business involves targetting the kids segment, then market analysis must be performed to ensure that the kids sector is adequate large enough or properly developed to sustain the new business. Go To Top Competitor's Analysis In the Internet arena, competitors may not come from within the same geographical location but also from overseas competitors due to the global reach of the Internet. It would not be a surprise to find new competitors emerging on a daily basis which will be involved in the same marketplace as your new business. It is important to ensure that prior to establishment of the new business that the profile of the existing competitors are analysed and respective strengths and weaknesses identified. Areas such as their operating mechanism, their specific marketplace, their product or business models must be properly studied and analysed to increase the chance of success. Go To Top Geographical Location Although the Internet has no geographical boundary, the target boundary of the internet venture must be identified. This is especially so if the new internet venture is involved in hardgoods and where logistics pertinent to delivery of products is involved. Certain internet ventures may be localised to particular geographical location or culture, so it is important to understand the particular location where the business will be conducted. Go To Top Local culture and community As stated above, apart from location, local culture and community are important considerations when setting up the new internet venture. As an example, car websites may be a lucrative business in US but in our South East Asian region, the process of buying a car is very much a family affair where entire families are involved in the process of purchasing the car