How to Conduct a Market Analysis in 4 Steps?

Market analysis is like checking what’s popular at the school lunch line so you know what to bring next time.

Step 1: Look at who your friends are (your customers).

Imagine you’re trying to figure out which snacks are the most loved in class. You check who buys them, that's your customers. Are they kids from your class, or maybe even teachers? You might ask them what they like best.

Step 2: See what everyone is eating (your competitors).

Now look at all the other snacks being passed around, those are your competitors. Maybe some kids bring cookies, while others have chips. Who has the most friends choosing their snack?

Step 3: Check how much everyone is paying (pricing).

Next, see how much each snack costs. Is one snack cheaper but not as tasty? Or is another more expensive but everyone wants it?

Step 4: Decide what to bring next time (your plan).

Now you know what’s working and what’s not. You can choose a snack that’s popular, not too expensive, and maybe even try something new, like bringing a fruit cup if no one else does!

You’re now ready to be the lunch line champion! 🍎✨