Many consultants take between 2 and 10 weeks to complete the analysis, depending on the chosen analysis method and the availability of the necessary data. However, it is difficult to give a specific time frame for completing a market analysis. The time frame depends on the specific market we want to study.
The thoroughness of the analysis and the number of factors taken into account are also important. Carrying out a thorough market analysis in-house is time-consuming and labor-intensive, so it is worth using the help of a consultancy whose team can complete the market study in less time.
It is easier to understand the mechanism of bacolod telegram conducting a market analysis if we use the example of a fictitious company. We will begin by examining the microenvironment of the company, using the Porter's 5 Forces method .
Let's say we want to open a restaurant in Warsaw that offers traditional Polish cuisine. In the immediate vicinity of our premises there are not many restaurants that offer at least similar products, but there are many suppliers who are engaged in a fierce competitive battle.
The multiplicity of supplier companies reduces their bargaining power and the dispersion of premises means that residents do not have much choice, which reduces their capacity to influence and the power of competition in the sector. Given the attractiveness of the area, the possibility of new operators and the emergence of substitutes (cafes, fast food) is a major threat.
Once we know what the microenvironment is like, it is worthwhile to carry out a study of the macroeconomic situation. To do this we can use PEST Analysis .