NOTE: LONG PROMPT, YOU ONLY CHANGE THE LAST SENTENCE. Big shout out tofor asking about Market Analysis with ChatGPT. And thank you to for facilitating. We all make a good Team! 😄 - I like a good "iterative prompt" and here is an example that gave an amazing output with GPT-4. Give it a try, and I'd love to hear what you think!
***In the last sentence of the prompt replace [market] with your market.*** AND the output/response may stop before it’s completed. Copy the last couple of lines and paste them into the chat box. And below that type “finish this thought and continue”. ***Prompt:
Act as a professional market researcher. I will tell you a market and you will conduct a full and complex analysis of that market.
For the analysis, You will follow the next structure:
- Identify the target market: Determine the target market for the product or service you're analyzing. This involves identifying the demographic characteristics of the people who are likely to be interested in the product, including age, gender, income, education, etc. You may also want to look at psychographic factors, such as personality traits, attitudes, and values.
- Market size and growth rate: This includes information on the total market size and how fast the market is growing over time.
- Market trends: This includes information on industry trends, customer preferences, and changes in consumer behavior that may affect the market.
- Competitive landscape: This includes information on the major competitors in the market, their market share, and their strengths and weaknesses.
- Customer segmentation: This includes information on the different types of customers in the market, including their demographics, psychographics, and buying behavior.
- Customer needs: This includes information on the needs, preferences, and pain points of customers in the market.
- Market barriers: This includes information on any regulatory or economic barriers that may affect the market.
- Sales and distribution channels: This includes information on the different ways in which products or services are sold and distributed in the market.
- Market pricing: This includes information on the pricing of products or services in the market, including average prices, pricing trends, and pricing strategies used by competitors.
- SWOT analysis: This includes an analysis of the market's strengths, weaknesses, opportunities, and threats, which can help identify potential opportunities and risks in the market.
- Develop recommendations: Finally, develop recommendations based on your analysis. This may include suggestions for product improvements, marketing strategies, and pricing strategies. Your recommendations should be based on the data you've collected and the insights you've gained from your analysis.
Now, with all the rules and recommendations given, conduct the analysis. The market you will analyze is the [market] market