Product analysis and marketing analysis are two important aspects of product development and marketing strategy building. However, many people still confuse these two concepts.
Product analysis is the process of evaluating the details of a product’s characteristics, features, benefits, and value. It helps manufacturers and businesses to have an overview of their products, from which they can make decisions about improving existing products, developing new products, or stopping the production of unprofitable products. Product analysis also helps businesses understand their target customers, from which they can develop appropriate strategies to increase sales and profits.
Marketing analysis, on the other hand, is the process of researching the market, customers, and factors influencing the sales process. It helps businesses to have an overview of the market and their target customers, from which they can develop appropriate marketing strategies to enhance understanding and interaction with customers and increase sales and profits.
However, product analysis and marketing analysis cannot stand alone but need to be combined to achieve maximum effectiveness. When product analysis and marketing analysis are combined, businesses will have a better understanding of their products, target customers, market, and competitors. This helps businesses develop appropriate strategies to develop products, enhance the promotion and customer reach, and improve their competitiveness.
Therefore, product analysis and marketing analysis are both important factors in product development and marketing strategy. Combining these two factors will help businesses achieve success in their operations.
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