Other factors impacting markets include Brexit, rising out-of-pocket spending on healthcare, and physician shortages.Any new business opportunity in these sectors will need to be evaluated in the context of these factors and challenges.The market you need to look at is your potential market, not the actual market served, the one that’s limited to your existing customers.
The information sources that will help you conduct a market analysis are different for every business plan.
For example, you might need local information you can get from your local chamber of commerce.
And whether you’re just starting a new business or reviewing an existing business, you should renew your market analysis at least every year.
Markets change – a business needs to watch for changes in its market.
Gathering and synthesizing information about all these categories can take significant time, effort, and expertise, but market research reports can give you a helpful leg up.
“Off-the-shelf” reports, such as those available on Market Research.com, can supply you with much of the information you need for a comprehensive understanding of the customer, competition, industry, and business environment.
The market for a landscaping business includes all the homes and commercial properties within a logical reach.
The market for downloadable e-books over the internet includes everyone connected to the web.
Another area to explore is the overall business environment, which can have a profound impact on company performance and the ways industries operate.
As an example, companies in the life science and healthcare sectors currently face a number of potential disruptors that contribute to ongoing uncertainty, as noted by market research firm Kalorama Information, including attempts to repeal and replace the Affordable Care Act, health IT policies, and President Trump’s statements about drug pricing.