One way a company can conduct analysis is to evaluate their position. In order to do this, they must evaluate the strengths and weaknesses of their competition. With doing this, the company is able to recognize their position within the market and identify any potential problems that they may face in the future. Determining which demographic the company occupies is the goal of analysis so that any decisions made can be made to target the correct market.
A second way that a company can conduct analysis is to evaluate their online sources they use for advertisement. This type of analysis can be conducted through social media sites and other websites that the company conducts business through. Marketing methods such as emails, call-to-action marketing, SEO and SEM marketing to measure the amount of searches and clicks per email are a great way to measure how many customers are searching and or visiting your companies website.
I think these two methods of conducting analysis are very beneficial to companies because it allows them to position themselves anywhere they want to be in order to attract their desired focused target market. Optimizing search engines and links within emails is also a beneficial way to track how many customers are looking at what your company has to offer because not only does it allow you to advertise but it also sometimes provides your customer more information with a simple click.
Maguire, A. (2017). Market Research Tips: How to Conduct an Industry Analysis. Quickbooks Resource Center. Retrieved 3 May 2017, from http://quickbooks.intuit.com/r/marketing/market-research-tips-how-to-conduct-an-industry-analysis/