Market Analyses.

1. What exactly is the product you are focusing on? What is the geographical location of the market you are looking at? Are there any special characteristics of the product that give its market special features? (For example, is it like a homogenous primary commodity, is it a differentiated product like a branded consumer good, are there any quality issues like with some financial products?) What kind of information do you have on this market i.e. what are the key facts that you intend to explain?
2. What are the supply conditions in this market? Are there many producers or just a few?..is it perfect competition, monopoly, monopolistic competition or oligopoly?.and what does this imply for understanding the way in which rival suppliers interact? Is there aggressive price competition or do competitors seek to preserve fat margins? Are there barriers to entry: patents, brands, economies of scale etc. Is there competition in this product area to develop new technologies? Is there any government role in the market, through perhaps, regulation or protection or government production?
3. What is likely to be driving demand for the product? What are likely sizes of income and price elasticities etc? Is it an essential product or is it a luxury good etc? What could suppliers do to increase demand?.advertise, improve quality, improve design etc.
4. Finally, summing up should assess how you think this market will develop. Is it a product market where you see opportunities for new entry e.g. grabbing of market share by some new improved product, or is it a market in which further profits can only be squeezed out by improved efficiencies of production? Would you see this as a market in which you would think it sensible to open a new business? If so what aspect of market appears to have profit making opportunities for either existing firms or new firms?

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