What are the main market trends that affect your business? How do economic, political, sociocultural, environmental, legal and technological scenarios impact corporate strategy? And how does management deal with these variables in the microenvironment?
Reflecting on these points is an essential step towards carrying out consistent market research that adds value to the business.
Analysis of the external environment is traditionally an important element of a company's strategy. It is through this analysis that the company's competitive microenvironment can be "brought to life" and its competitive advantages defined to survive in the market.
Considering, for example, how the business is doing in relation venezuela whatsapp data to the competition, how the offers are being accepted in the market, and what the target audience's behavior is in relation to your products or services, you are making an important and often decisive diagnosis to support business planning and management.
Involve different profiles in market research
To achieve a positive result in the market intelligence process , it is important to involve different professional profiles and hierarchies in carrying out the market analysis .
This is because it is necessary to step outside the box and challenge ingrained beliefs to obtain insights that transform the business. A traditional industry that has been in operation for 40 years probably has decision-making executives who have been there for over 20 years and are around 40 or 50 years old.
If the company's target audience is young people in their 20s, the possibility of launching products and campaigns that do not have an emotional and cultural connection with the consumer is high if the strategy is defined solely from the executives' point of view. However, if you have a market intelligence team made up of professionals with different profiles, this significantly reduces the risk.
Structuring market analysis
When we focus on analyzing the macro environment, the ideal is to use some specific tools that help build a precise and assertive market intelligence process.
McKinsey's 7S is one of the most widely used tools for business assessment, along with Porter's 5 Forces and cross-category SWOT analysis .
The name 7S came from the approach of seven aspects of the Organization, all of which begin with the letter S (in English).
They are: Soft S and Hard S, according to their tangibility. The Hard S are: Strategy, Structure and Systems. The Soft S are: Skills, Staff, Style (in this case, leadership style, governance) and Shared Values (Shared Values, or simply, Company Values).
Understanding the microenvironment scenario
Porter's 5 Forces and firm value creation are two techniques that can be used to capture an understanding of the relative bargaining power within a firm.
This analysis can be complemented by including the point of view of stakeholders who are relevant to directing the consumption decision and relationship power. This is what happens, for example, in the case of companies that sell games. There is always the issue of comparison between societies and the question of whether the practice is moral or immoral.
As we can see, the construction of a market analysis is a complex process that must be very well planned and structured within the company. It is the inputs from the market intelligence process that can add valuable advantages to your business.