In every business, there is a whole process of analysing minute details that are affecting business, whether it is good or bad. Market analysis sees the market as a whole, it studies the economic environment of businesses, various market segments that include customer buying patterns, supply and demand of products, and recession if it's the year in which businesses hadn't gained much profit and also competition among different firms. Basically, market analysis examines micro and macro levels of the market starting from minute details to massive details. The reason for examining market analysis is that it gives an idea of what target audience likes or which type of target audience prefer one particular product and other prefer different products.
It not only examines the audiences but also sees where you stand in the market among different businesses. Moreover, it will give you an idea of what makes your business unique and what changes you need to have to be a successful firm. All of this process is done through market analysis. If businesses exist then so does market analysis. Without that no business would go in the category of successful. Every firm has their own way to implement market analysis in their firm.
