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An emerging market is a new audience or potential target market that has not previously existed. An emerging market analysis is the process of evaluating emerging markets to determine whether they might be good fits for a business and might provide new streams of revenue. Such analyses carefully evaluate the habits, needs and wants of the emerging market as well as the potential value of their purchases. This data is then compared against the company's offerings and if the market is considered viable, a plan for selling to it is developed.
From time to time, shifts in the marketplace create new groups of buyers. These can be based on a number of factors, including changing technologies, changing buying patterns and changes in the demographic makeup of the market. An emerging market analysis is focused on these new groups and how they differ from existing audiences.
There are many components to an emerging market analysis. One key area is evaluation of the buyers in the new market. Companies need to understand the people who comprise the market, both in terms of demographic information and of opinions and interests.
Demographic information can provide insight into the best ways to market to the new audience based on past successes. Additionally, uncovering wants and needs can help a company determine which of its products and services might appeal to the new buyers. Data about buying habits is also important because it helps the company know where to sell their products and when to advertise them.
The other key component of an emerging market analysis is product comparison. Once a company fully understands the new audience, it must determine whether or not it is a viable target market for the company and its products and services. This means taking a careful look at all of the company's offerings and deciding what portion of them can be sold to the emerging market. The potential value of these sales must then be compared against the cost of marketing to the new audience, and the company must determine whether or not to move forward. If the decision is to move forward, it must then create an emerging market marketing plan.
It is important to complete an emerging market analysis as new markets open up. These markets can be new sources of revenue, and accessing them may take careful planning. Companies will want to research and understand these new opportunities for sales before their competitors do.
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