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Business growth analysis is the type of analysis that is conducted on a business with the aim or purpose of identifying the growth pattern of the business. The business growth analysis will reveal any existing needs within the company that will require work for stronger growth. These needs will be addressed through the application of targeted business solutions to the areas of concentration to help stimulate better growth. This analysis examines various units of the business, such as the product the company offers, marketing techniques, environmental studies, human resources, customer service practices, consumer studies, and the study of the competition.
Studying the product of the company as a part of business growth analysis involves a figurative dissection of whatever products or service the company offers. The purpose of this is to identify any defects in the product, the quality of the product in relation other products in similar categories, and the solutions needed to address any deficiencies. Marketing technique analysis as a part of business analysis involves the study of the methods employed by the company to promote its products. The aim is to find out how effective these methods are and to make any necessary recommendations.
Another factor involved in business growth analysis is the study of consumers and consumer trends in relation to the products and services offered by a business. Studying consumers includes the study of different groups that may be interested in different products offered by a company. For instance, if a company sells items targeted at males in general with different items for teenage boys and for adults, the consumer study will be divided into a study of the behavior of the two groups. The study might ask about the buying habits and spending habits of both groups. It may also ask about the type of advertising each group likes. These are the type of questions that will be answered during a business growth analysis.
A study of the business growth analysis cannot be complete without the study of the competition. This is because the activities of the competition have the ability to affect business growth. If the competition is selling a better quality of product, this will affect the business growth of other companies selling similar items. If the competition is marketing and promoting itself better, this will also affect the business growth of other companies in the same category.