Which of these is an example of market analysis?

Market analysis involves gathering and interpreting data to gain insights about a specific market or industry. It encompasses multiple facets, including understanding customer needs, studying industry trends, and creating a marketing plan based on the insights gained.

Understanding customer needs is critical, as it allows businesses to tailor their products and services to meet specific demands, ensuring customer satisfaction and loyalty. This insight forms the foundation of effective market analysis.

Studying industry trends is equally important because it helps organizations recognize changes in the market environment, identify new opportunities, and anticipate challenges. By being aware of these trends, businesses can make informed strategic decisions.

Creating a marketing plan is a direct application of market analysis. With the insights gained from understanding customer needs and industry trends, a marketing plan can be developed to effectively reach the target audience and achieve business objectives.

Thus, when considering the full spectrum of market analysis, it becomes clear that all the listed components - understanding customer needs, studying industry trends, and creating a marketing plan - are integral to this process. This comprehensive approach reinforces why the chosen answer encompasses the essence of market analysis.