Guide with examples: How to conduct a market or market niche analysis?

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What is market analysis?
Market analysis is the process of collecting, processing and interpreting information about the market in which an organization operates . It helps to understand the current situation on the market, identify trends, determine the needs and preferences of consumers, and assess the competitive environment. Market analysis is an important component of strategic business planning and management.

In simple words:

Market analysis is the process by which we study the market to understand what products or services people want to buy, how much they are willing to pay for them, and who is competing with us in that market. This helps us make informed decisions about how to market our product or service to attract more customers and be successful in the market.

The main stages of market analysis:

Definition of the purpose and objectives of the analysis:
The goal may be different, for example, entering a new spain email list market, launching a new product, assessing the competitive environment, etc.
Defining the tasks that need to be solved to achieve the goal.
Data collection:
Primary data - collected directly from the source through surveys, interviews, questionnaires and observations.
Secondary data - uses already collected data from reports, studies, statistical publications and other sources.
Analysis of collected data:
Qualitative analysis is the interpretation of intangible data such as consumer opinions and feedback.
Quantitative analysis is the statistical processing of data, the construction of graphs, models and forecasts.
Market segmentation:
Dividing the market into segments based on various criteria: demographic, geographic, psychographic, behavioral, etc.
Assessing the attractiveness and potential of each segment.
Competition assessment:
Analysis of competitors , their strengths and weaknesses, market share and strategies.
Understanding the competitive advantages and disadvantages of your own company.
Consumer Analysis:
Studying the needs, preferences and behavior of the target audience .
Determination of factors influencing consumer choice.
Identifying Market Trends:
Analysis of current and forecasting of future market trends.
Taking into account technological, economic, socio-cultural and political factors.