No matter whether you are a just a start-up or a multinational business, you need to understand and be constantly updated about the latest development of product categories you are doing business in. The absence of market knowledge too often leads to business turbulence and a further decline in business.
Information about market sizing, competitors and their activities will enable you to make timely business decisions. Moreover, you will be already ahead of your competitors.
Category analysis will help you to answer these questions:
- How big is the market?
- What are the trends within the category?
- Who are the competitors?
- What do they sell?
- How can you compete?
- What are the main channels of sales & distribution within the category?
- What is the product mix in the category?
- Main ingredients & composition trends