When we are going to establish a Company or Services we have to analyse the present position of our product or service in the market.
What is the demand for our product or service?
When we know how many Internet searches are made every day, week, month and year for our product or service, we can estimate how much demand there is for what we are selling.
More demand = increased chances of success.
What is the available supply of our product or service?
When we know how many businesses are already selling our product or service we can accurately estimate whether or not there is room in the market for our offering.
Who are our Competitors?
It's not enough to simply know what the supply (number of competitors) is, it's also essential that we know who our competitors are. For example, can we see the benefit of knowing we're considering entering a market owned by Fortune 500 companies that spend millions of dollars per year on advertising alone? What if we found out that our biggest potential competitor is a non-profit that gives away our product or service for free?
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