Advice 1: How to monitor the market

Monitoring market is necessary for effective business management. Monitoring allows you to track the activities of direct competitors and their pricing policy. Based on these parameters, the business can be adapted to the main trends in the analyzed market to increase customer base and profits, respectively.
Market monitoring is very important for planning growth and development of the company
You will need
  • Information about the nearest competitors, data suppliers, data sales, Internet access
Analyze the needs and wishes of potential customers. Monitoring of the market is quite laborious and lengthy process, the results of which will allow to react quickly to the changing economic situation on the market. All these activities will be a great impetus for the further development and building a strategic plan for the further activities of the company. Monitoring begins with a needs analysis of the target audience of this brand or trademark. Based on this analysis, it is possible to adjust their own pricing policies, product range, location of branches or offices held with the sale of products promotions and bonus programs.
Rate the wishes of potential customers
Analyze competitors and their pricing policies. Competitor analysis is a complex process that aimed at identifying their advantages. They are better than a specific company? In what their main excellence? What are the disadvantages of their activities? What suppliers they work and why their sales figures are higher than those of the company? The answers to these questions will allow you to take steps to improve their own activities and strengthen its competitive advantages in the analyzed market.
Competitor analysis will give the company information about their benefits
Make the synthesis of the market. The basis of the generalized analysis are data charges on suppliers, sales volumes taking into account the implementation of competitors ' products, the main types of advertising, and other parameters, which ultimately can affect the company's operations. Based on this information, you can create a table that displays a company's competitive advantage and its disadvantages compared to competitors. This table will also allow to make a conclusion about which indicators it should improve the company and what, conversely, are its main competitive advantages.
Data collection is very important in monitoring
Useful advice
Monitoring should always be paid special attention to the quality of the meeting depends on the success of the company in the market.

Advice 2: How to make monitoring

Monitoring refers to continuous monitoring, the removal of indicators, fixing the key parameters of the results of the processes aimed at achieving any goal. It serves to track trends in these parameters and results with the aim of accounting for control or predict. On the basis of the analysis and provides recommendations for improving the effectiveness of management decisions.
How to make monitoring
State the purpose for which you need to do the monitoring. For example, you are interested in the investment attractiveness of the territory. So you must also know the dynamics by volume of attracted investments for a certain period of time. Or do you monitor the implementation of sales plan. In this case, you need to obtain information on the implemented goods with a specific frequency. Evidence of such monitoring allows to timely identify problems and make management decisions if necessary.
Define the list required for monitoring parameters that will allow you to make a comparative analysis for different time periods. Note that the sources of your information must be correct, employees that provide it, must be motivated to receive an objective evaluation. Monitoring should give you food for thought and figures for statistical analysis activities of the enterprise.
The results of the monitoring do the analysis using methods of mathematical statistics and mathematical. The results of the analysis make adjustments to the goals and objectives. It is possible that the result of this analysis, you can get irrefutable evidence of the impossibility of achieving these goals. You will be able quickly to detect new factors that appear in the course of long-term projects and consider the obstacles to achieving these goals.
Use visualization techniques of monitoring results. This will allow to visualize the dynamics of change of parameters in time. To improve the reliability and representativeness of statistical samples use the data for a sufficiently large time intervals to exclude the random factor.
The results of the analysis make clear conclusions and begin the process of preparation of management decisions and proposals on elimination of the reasons hindering the achievement of the goals. Make your plans and projections for the expected performance.
Is the advice useful?