Market analysis and product strategy
This refers to ways in which an investor may view the market as in whether it is worthy for him to take an investment decision. For example some one wanting to invest in stock market, the person may carry out market analysis and buy the stocks when the price is said to be down and sell when the price goes up. Market analysis can also be explained as means that the marketers use to capture the target market and be able to advice their clients on which way to go.
Product strategy is the various ways in which a product undergoes for it to be finished and ready for the consumer to take and enjoy. These may include product marketing where the product is exposed to the customers may be by press or other means, product planning is another way where the new market requirements are put together , finally we have product management where the product is dealt with in all stages of product life cycle.
The main aim for carrying out the market research is to try and know whether the company will enter into Canadian market of which can be done either in two ways I.e.the Company can have one of the small Canadian countryside hotel or by organic expansion. Then, the company should analyze the Canadian market in the various ways. These may include; legal and regulatory factors, technological factors, economic, political as well as social and culture aspects.
Legal and regulatory factors
Each and every company in the pool of carrying out business, regulatory factors by the government affects the operations of the business. There are varies things that the government actually puts in cross to regulate the business which may include; the requirements in reporting, whether the company is paying tax in the required manner, the means of advertising especially that involves children who are under the age of 18 years e.g. alcohol, the government also puts measures in the pollution of environment. Once the government puts regulations, then a company must experience merits as well as demerits and in the long run the business cost will have gone high. There are three levels of regulation by the government of Canada which include local, provincial and finally federal. A business must take in to account each and every level for it to carry out its operations without any hesitations.
The level of technology
For a company to enhance its competition over the other competitors, then a company must be able to change as the technology changes. Those companies with completive advantage must be able take care of the changing technology.
Introduction of computers in the world of business makes it the very current technology companies are experiencing. Companies can use computers to carry out hotel bookings for our case as well as keeping the data intact. Canadian people are computer literate and therefore I can recommend the company to use internet in its advertisement.
A stable economy gives companies great opportunities to open new branches as well as venturing into new markets. There are factors that build up the economy of a given country e.g. high inflation make people shy away from investing and discourages the investors and in Canada the inflation rate stood at 3.4% by the month of September 2008 (The Canadian Press, 2008). Interests rate fall under this category where the bank interest is 3.25% (Bank of Canada Economic data, 2008). Cash flow would also affect the operations of business, if people have a lot of cash at hand i.e. high cash flow then, more products would be required by the consumer. The Gross Domestic Product of Canada went slight high i.e. by around 0.7% in July and there were some changes in August where GDP goes don by 0.4% as a result of global crisis (Rivera, 2008).
Political environment which is stable would tend to encourage more investments without fear or what can happen if the politician speaks out their views. The politics of Canada are mature and hence it is recommendable for taking risk in starting business or developing new product.
Social or Culture
There can be opportunities as well as threats due to social change. The company should take care on the social changes as they can as well influence the price of a commodity.
A market analysis which is carried out after market research gives the person or the company carrying out the analysis hints on how to venture into the business without much struggle. The business threats can be dealt with maximally because they are well known in the beginning.
George, K. (1994) Forecasting and Market Analysis Techniques, Westport, CT. Quorum book
Bank of Canada Economic data, 2008
Rivera, J. (2008) A Contracting Economy Supports Bearish Canadian dollar
The Canadian Press, (2008) Inflation cools to 304 percent in September, still powered by gasokine.
Cite this Market analysis and product strategy Essay
Market analysis and product strategy Essay. (2016, Dec 31). Retrieved from https://graduateway.com/market-analysis-and-product-strategy/