What does market analysis focus on?

Market analysis primarily focuses on understanding the needs and preferences of consumers. This involves gathering and evaluating data on customer demographics, behaviors, and trends to determine what products or services they desire, how much they are willing to pay, and any specific features they value. By centering on consumer insights, businesses can tailor their marketing strategies, product development, and overall business strategies to better meet the demands of the market.

While other areas like strengths and weaknesses of a business, economic indicators, and operational efficiencies are important aspects of overall business strategy, they do not encapsulate the primary goal of market analysis, which is to gain a deep understanding of consumer behavior and preferences.