Market analysis refers to a documented investigation of a market in order to be aware of the organization’s planning activities and specifically relating to decisions of purchase, inventory, facility expansion, purchase of capital equipment, work force expansion or contraction e.t.c. By doing a market analysis and plan in the market of the United Kingdom, I will be able to understand its evolving threats and ascertain the attractiveness and opportunities that relate to the weaknesses and strengths of the business.
In order to establish my business of manufacturing and selling electronic devices used for measuring electricity poles, it will be necessary to identify potential clients for my business, ascertain the percentage of the market that could be captured by selling my products and also consider costs and competition.
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For me to able to know the market size of this electric devise in the UK, I will base my analysis on the present sales and projected sales if my device will be expanded. I will use trade associations located in the UK to be able to gain some insightful information concerning the determination of the market size.
Other sources of information that I will use to determine the market size for my electric device will be through customer surveys, data from the UK Government and financial data obtained from other players in the electronic and electrical sector. I will also study growth drivers like sales growth and demographic information in other complementary electronic electric.