Question

conduct a market analysis whether you are starting a new business or launching a new product, conducting a marketing analysis is the first step in determining if there is a need or audience for your idea.   Knowing in the market's needs and how it is currently serviced provides you with key information that is essential in developing your product/service and marketing plan. Too often, businesses spend thousands of dollars launching a "new" idea with a limited market because of competition. The owner is forced to reevaluate his strategy and determine if there is room for another player.
Although the quality of the product is critical, your development of the best product on the market will not necessarily correlate with the most sales. Up to 50% of a product's price can be for marketing. The company who wins the marketing game generally will capture the larger share of the market. For related information, see identify your target market.

conducting a market analysis will help you to prepare to enter a new market, launch a new product/service, start a new business.
The outline Marketing Analysis - What is it? Why should you do it?
The Complete Process defining the problem, analysis of the situation, obtaining data that is specific to the problem, data analysis, and interpretation, fostering ideas and problem solving, and market plan

Answer 1

Since you've mentioned nothing about the options (starting a new business or launching a new product) i chose launching a new product and the below is the essay about the market analysis, target market etc.

Every day, countless new product and service ideas are conceived - never to be born because they're not properly brought to market. Let’s consider these steps of market research before launching a new product in more detail.

• Identifying the target market and competitors
• Customer finding and targeting
• Developing the UVP (unique value proportion) to the product
• Determine your marketing strategy
• Test your product and overall approach
• Roll out your marketing campaign
• Monitor and keep reviewing your product lifecycle

Before you develop your marketing plan, research the potential market for your product or service. Use the numbers, facts and findings to back up statements in your marketing plan. You can also design a questionnaire, create an online survey, and search available databases and other resources to find the information you need to build your marketing plan.

Detail how your product or service is unique or why it is superior to other models on the market. If the product or service is not unique, maybe the location is ideal or a large market allows room for competition. It’s important to use facts and numbers to show how your business will be profitable.

When a company begins to prepare for launching a new product, there can be a tendency to sensationalize the product. Marketing personnel, ambitious sales personnel and even company executives can set their stakes on the wonderful new product they have. Taking a realistic evaluation of the product before releasing it to the public is vital to the launch success.