Why bother with a market analysis? I already know who my customers are...
This sentiment is a warning sign of
a business that is losing (or lost) touch with its marketplace. Unfortunately, it is all too common.
Your "Market" is so much more than who you sell to. Developing and maintaining an understanding of your market, the space your company lives in, is essential if you want to be successful long term.
Can you answer these simple questions:
Are my customers satisfied with my product or service? How do I know?
Who am I competing with and what do they do differently? How has my product or service changed in the last 3,5,10 years?
Right, wrong or otherwise, your understanding of the your market will inform many of your key decisions. Armed with current and compete knowledge or your market will dramatically increase the odd that those decisions are good ones.