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Market analysis

Studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and this in turn of the global environmental analysis. Through all these analyses the chances, strengths, weaknesses and risks of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company willbe defined. The market analysis is also known as a documented investigation of a market that is used to inform a firm's planning activities, particularly around decisions of inventory, purchase, force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.
These are most of the important points you need to gather doinga market analysis.
* Size of the primary target market. Here, you would need to know the number of potential customers in your primary market, the number of annual purchases they make in products or services similar to your own, the geographic area they reside in, and the forecasted market growth for this group.
* Distinguishing characteristics of the major/primary market you aretargeting. This section might include information about the critical needs of your potential customers, the degree to which those needs are (or are not) currently being met, and the demographics of the group. It would also include the geographic location of your target market, the identification of the major decision-makers, and any seasonal or cyclical trends which may impact the industry or yourbusiness.
* Trends and potential changes which may impact your primary target market, along with key characteristics of your secondary markets. Just like with your primary target market, you would again want to identify the needs, demographics and the significant trends which will influence your secondary markets in the future.
* Competitive Analysis. When you are doing a competitive analysis,you need to identify your competition by product line or service as well as by market segment; assess their strengths and weaknesses, determine how important your target market is to your competitors, and identify any barriers which may hinder you as you are entering the market.
Reduction of volume of inventories

Inventory is the largest single asset that most companies have. Unfortunately, itconsumes space, gets damaged, and sometimes becomes obsolete. Inventory itself does not create value for customers. Yet for most companies, inventory is a necessary component of the business cycle and must be carefully managed.
Many businesses underestimate the carrying cost of inventory. They calculate carrying cost based on the borrowing cost of money alone. Other factors can outweigh this costTop Inventory Reduction Techniques
Reduce Lead Times for Product Replenishment
The most effective way for businesses to reduce inventory is by reducing the supply lead time. Lead time can be defined as the time it takes from when you first determine a need for a product until it arrives on your doorstep. If lead time was zero, inventory could be zero.
Rank Your Inventory Items
Most businessoperations involve many inventory items. It is not appropriate to give the same attention to each item. To establish the appropriate degree of control, use an ABC classification scheme to divide inventory items into three categories based on sales volumes: high dollar volume (A), moderate dollar volume (B) and low dollar volume (C).
By ranking your parts according to dollar volume, you can createan inventory management plan that puts emphasis on the most important items. A Parts should comprise the top 80 percent of dollar volume, B Parts about 15 percent, and C Parts about 5 percent. You should find that this will represent about 20 percent, 30 percent and 50 percent of your part numbers
Eliminate Obsolete Stock
To eliminate obsolete stock, create a “red tag” program to identify old...