A Market is defined as a place where buyers and sellers meet.
Market Analysis is a process that seeks to identify and quantify the key features of a market by using a range of Market Research techniques. Based on a clearer understanding of consumers, customers, competitors, distribution channels etc, the business is then able to market more effectively.
Within Business Studies the most commonly considered characteristics of a market are
- Market Classification
- Market Size and Trends
- Market Share
- Market Segmentation