At one time or another most companies face the prospect of entering a new market, whether for regional or international expansion, new product entry or new market segment offerings. Foreknowledge of the new environment forms a vital input to the successful strategy and marketing plan.
Some of the key information gathered in supporting the market intelligence landscape includes:
• Principal market factors that affect the business dynamic of the relevant industry
• Customer behaviour, trends and shifts
• The regulatory environment
• Prevailing industry practices
• Key stakeholder positions and their impact on the market
With a clear picture of the market in hand, consider how the competitor landscape will affect your plan.
An inch of forethought is worth a mile of after thought.
- Jack Vance
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