Market Analysis Practice Exam

About Market Analysis
Market analysis is a large part of market research and an important component of a business plan. In this plan, business founders document their business idea in writing. During the course of the market analysis, a specific market is taken into account. With the help of the results displayed, companies can identify the opportunities and risks of that particular market. The target group forms the basis of the market analysis.

In order to carry out a market analysis you will require reliable information. Generally speaking, small companies tend to carry out the necessary research for their market analysis themselves. Larger companies, on the other hand, often commission market research institutes to do it for them. A market analysis can be carried out using various methods of data collection. A distinction is made between primary and secondary research.

With primary research, experts from a target market are interviewed in order to collect new data. The advantage of this is that it is still your own research purpose in focus. This way, you can collect the data you need for your market analysis. In contrast to this, secondary research uses existing data records from previous surveys. This can be collected both internally and externally. By opting for secondary research you can save both time and money because you don’t have to conduct costly interviews and evaluation. Sources for representative data are, for example, the Federal Statistical System, professional chambers, annual reports of other companies, or trade journals.

Market Analysis has gained immense popularity across the globe resulting in huge demand for certified professionals.


Why is Market Analysis important?
A market analysis is a quantitative and qualitative assessment of a market. It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.

Importance of a market analysis for companies
•    Great help in understanding your customers: Market analysis is a technique through which the comprehensive profile of an ideal customer for your business can be collected. It can help in ascertaining the size of the market for your business. Also, it will also help in gaining insights on their location, age, income, and gender that can lead the way for making specific marketing campaigns. To know more about our solutions, get in touch
•    Analyze your competitors: To evaluate your competitors, market analysis is the most significant weapon. It can also help in examining the new competitors, if any, who are trying to gain power in the market. It also helps in measuring the reaction of competitors when you introduce any new product or service. Weaknesses of competitors’ strategy are one of the most significant things that this analysis helps to identify. To know more about our solutions for market analysis, request a proposal
•    Test before launch: Once your product gets to the final stage, refrain from jumping directly into its marketing. Rather test the product or service before introduction and then market analysis will help you plan the most suitable strategy to market the product.
•    With a market analysis, you can back up your business idea with figures, data, and facts, and therefore provide a convincing business plan.
•    You can recognize market potential at an early stage and avoid making the wrong decisions.
•    You can identify any existing knowledge gaps and fill them in on time.
•    A market analysis shows you which competing products are already on the market.
•    With a market analysis, you can identify the market entry barrier and estimate the market attractiveness.

Certified Market Analysis professionals, executives and managers are in high demand in companies across the globe.

Important Concepts for Market Analysis Practice Exam

• Marketing Research Process
• Primary Data Collection
• Secondary Data Collection
• Sampling and Hypothesis
• Data Processing and Analysis
• Multivariate Data Analysis
• Presentation and Report writing
  

Who should take the Market Analysis Exam?
•    Marketing and market research professionals
•    Entrepreneurs or Innovators
•    Marketing and market research managers and senior executives
•    Marketing consultants
•    Professionals working in outsourced companies responsible for market research
•    Anyone interested in market research

Market Analysis Practice Exam Objectives

Market Analysis exam focuses on assessing your skills and knowledge in market analysis

Market Analysis Practice Exam Pre-requisite

There are no prerequisites for the Market Analysis exam. Candidate should be well versed  in market analysis to clear the exam.

Market Analysis Certification Course Outline
1. Marketing Research Process
1.1 The Research Process
1.2 Formulating the Research Problem
1.3 Choice of Research Design
1.4 Determining Sampling Design and Sampling Size
1.5 Preparing the Research Report
1.6 Evaluation and Control of Marketing Research

2. Primary Data Collection
2.1 Collection of Primary Data
2.2 Using Diaries
2.3 Questionnaire Design
2.4 Interviewing
2.5 The Role of Focus Groups
2.6 Survey

3. Secondary Data Collection
3.1 Methodological and Ethical Considerations
3.2 Compatibility of the Data with Secondary Analysis
3.3 Reporting of Original and Secondary

4. Sampling and Hypothesis
4.1 Statistics Basics
4.2 Data Basics
4.3 Measurement Systems
4.4 Some Basic Terms
4.5 Types of Sample Designs
4.6 Bases of stratification
4.7 Characteristics of a Good Sample Design
4.8 Determining the Sample Size

5. Data Processing and Analysis
5.1 Data Preparation
5.2 Data Validation
5.3 Data Editing
5.4 Coding
5.5 Tabulation
5.6 Data-Processing Methods

6. Multivariate Data Analysis
6.1 Multivariate Analysis (MVA)
6.2 Regression Analysis
6.3 Cluster Analysis
6.4 Factor Analysis
6.5 Conjoint Analysis
6.6 Correspondence Analysis
6.7 Neural Network Models

7. Forecasting Methods
7.1 Forecasting Basics
7.2 Moving average and Exponential methods
7.3 Decomposition method
7.4 ARIMA Model

8. Presentation and Report writing
8.1 Role of the Report
8.2 Types of Reports
8.3 Contents of the Report For Executives
8.4 Principles OD Report Writing


Exam Format and Information
Certification name – Market Analysis Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees  - INR 1199