Marketing analysis plays a critical role in the success of every service or product present in the contemporary market. The process entails the analysis of the behavior patterns of customers and competitors, which would help one in planning on how to develop and market a product or a brand (Ryan et al., 2012; Smith, 2015). The process entails collection of data that would determine whether a service or product will meet the expectation or needs of the customers in the market.
As a CEO of a healthcare facility, market analysis would provide me a comprehensive data on the profile of the facility’s customers, the market size, and intuitions on income, age, location, and gender (Grant, 2020). The information would enable me, plan and develop specific marketing strategies for the facility. Further, the data would enable me analyze the organization’s competitors including their strategies’ weaknesses, reaction towards the facility’s services, and their strengths.
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I will be able to plan and develop better ways of marketing and delivering our services to the customers in a manner that would enable our facility to have a competitive edge over them based on the data from the market. Finally, the data from market analysis would enable me know the performance of our healthcare facility compared to that of our competitors. Therefore, the facility would understand its threat and plan strategically on how to enhance its performance to realize maximum sales revenue.
References
Grant, M. (2020). Strength, Weakness, Opportunity, and Threat (SWOT) Analysis. Retrieved from https://www.investopedia.com/terms/s/swot.asp
Ryan, P., Bill, R., & Bruce, S. (2012).Introduction to market analysis process
Smith, P. R. (2015). SOSTAC: The Guide to your Perfect Digital Marketing Plan. England: PR Smith
