The current business environment is so competitive and in order to gain some leverage a marketer needs to think ahead. As much as people have different approaches to business, the ground rules are the same.
The first thing to consider is the customer. Know your target market; this includes what they need, language they use and their buying pattern. Market trends change constantly thus to be up to date, business owners require to perform market analysis every so often.
The other crucial element is to know what your competitors have done to gain market share. This is important since it affects the business playing field. The things to know are which new products and services have been introduced in the market by your competitors, technologies adapted and what distribution channels are your competitors using.
Further research whether there are new business entrants and what have they done to influence the market. If two of your business rivals have merged, get to know whether they are having any assimilation problems or not. And if they are having issues come up with a way of taking advantage of the situation.
Armed with this information you can be able to know which of your competitors has poached your employees, which two organizations have merged and which company has adapted new technologies and introduced new services. In addition, you will know how customers reacted to the introduction of the new products.
Market analysis really helps in business planning and coming up with business strategies that help you to have an edge over your competition. Rather than starting a company blindly, take time to know what is happening in your area of business.