Market Assessments

Market assessments are conducted periodically by companies to assess the market potential for its goods and services. The main aim is to ascertain whether the niche market targeted by the company has the propensity to generate enough revenues and maintain a high profitability. The assessment also seeks to examine the consumer potential for the products to be sold or already sold in the market. This assessment is generally conducted by the sales department of the companies and needs to be framed by thorough covering of all aspects pertaining to the market. The market assessment needs to be formulated in a certain way:

  • The market assessment must identify the company‚Äôs target market at the beginning.
  • The product/ service to be introduced or already introduced in the market should be identified, next in the market assessment.
  • The aims and objectives of conducting such a market analysis must be stated. This must include set standards like expected profit margin, potential consumers as well as other companies with similar products.
  • The result of such an assessment must be stated clearly wherein there must be mention of the actual revenue collected, consumer reaction to the product etc.

The market assessment is necessary to facilitate improvement and changes in the sales of product/services of a company.

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