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Running Head: Market Analysis. 1 MARKET ANALYSIS. INSTITUTION; COURSE: NAME: DATE:
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Market Analysis. 2 MARKET ANALYSIS. Why is a market analysis important? Market analysis if important because customer needs and market forces are dynamic, prompting business organizations to be keen on uncovering market potentials as well as utilizing the opportunities as they occur (Alexander, 2008). It helps document information about a particular market that is suitable for the organization to increase in production or launch a new product. Analysis of the market increases chances of success in launching a product or service because the prior market analysis is adequately done. It minimizes the risks of product failure and the associated expense, thus increasing the profitability of an entity. The previous market survey serves as a strategic advantage and serves as a competitive tool in market penetration and dominance against competitors. The market analysis provides essential clues and information about the effect of market entering and growing, and in this ways helps investors, marketers and even the customers in various aspects. Lastly, the economic view provided by market analysis helps business persons
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