market-research, target-market, market-sizeI have seen several different articles on what market evaluation concerns. Currently, with my current knowledge and research I have found that market evaluation involves the following:
But, I have seen on other sites that it also concerns target market and segmentation by age, gender etc?
Just need clarity over what the term “market evaluation” truly concerns so I can evaluate the market to it’s required level.
Is this for school or for a business?
Market evaluation basically is one, some or all of what you have listed above.
You evaluate something to get an idea on what you are getting into. Some points will apply to some markets more than others. No matter how much data you have, you will never be 100% sure or clear but you’ll have a rough general idea. The past is no guarantee of the future. Look at commodity prices as an example - orange juice or coffee prices can dance crazy - metals like silver can jump 20% in a day. Evaluating the market will not guarantee that you’ll know every storm is comming, but it will give you an idea that you should be prepared for storms.
I cannot recall exactly but I do recall Richard Branson saying something in his autobiography that he makes decisions when he has “85% of the information”. Waiting to know 100% usually means you’ve lost the advantage.
So… evluation of the market, however one does it is important, but you can turn over every stone and still miss something. Evaluate until you feel confident, then decide works well for me.
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