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Internationalization Glossary OER-CRAFTS

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Market analysis

In simple words, market analysis studies the attractiveness and the dynamics of a particular market. Understanding how the potential foreign market works and what customers want is very important, as it should help you identify where to focus your efforts and how to maintain a competitive edge. Your market analysis should include an overview of your industry, a look at your target market, an analysis of your competition, and any regulations you’ll need to comply with. Market research will help you understand your customers, familiarize yourself with the competition and get to know what people are prepared to pay for your product or service.