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Market Analysis
Major changes rarely take
place overnight. Vigilant
business leaders see changes coming. It
is important to be aware of technological advances, demographic trends and
regulatory changes. It is not
enough to keep your eye on the usual sources of change, keeping a broad view
will help you avoid being blind sided.
Market Situation -
Who’s doing what, where, and to whom?
Develop an understanding of the size, growth, and trends of the
market you do business in, including key industry developments, economic
fluctuations and increased marketing spending by competitors, etc.., that
impact the company.
Competitor Intelligence
-A thorough knowledge of your competitors is a critical necessity. Develop
an awareness of their size, goals, market share, sales trends, product &
service quality comparisons, strengths & weaknesses, marketing
strategies, marketing spending, etc. and their impact on your company.
In addition to understanding how competitors currently operate, you
must assume that they will evolve and improve.
What challenges will they present you with in the future?
Understanding what
competitors are doing in your market can help you identify your
differentiation from them, your distinct advantage, your competitive edge.
Customer Insight
- In
order to avoid being surprised by changes in customer behavior, it is
necessary to understand your customers better that they understand
themselves. . Develop a
deep understanding of customer needs, wants, attitudes, perceptions of your
products and services.
Focus
on a Specific Group of Customers For Whom You Can Create Exceptional Value.
The key to growth is to focus on your company’s competitive advantage –
that is on the products and services your best customers want and that you
are the best at providing.
Identify
Target Customers. Identify
your best customers, the customers that provide you with the greatest
profits. Not because they bring
you the most money, but because the profits show that you are offering these
customers something of exceptional value, something they are willing to pay
for. These are the customers
you want to keep and develop.
Identify
What Customers Value. With
a clear understanding of what benefits and services customers truly value
and you can add value to the offerings you make.
What are their unmet needs? What
needs have not even been anticipated by the customer or by your competitors?
Industry Trends -
Keep abreast of new product introduction and the evolution of existing
products. Develop a clear
understanding of your vendors’ marketing strategies and be clear about
where you fit into their strategy.
Embrace the new technologies
that will help you serve customers more effectively.
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