Marketing
Analyse Market Opportunities — Consumers
The marketing process begins by identifying the market opportunities that will best help your business achieve its mission, given the products or services you have to offer.
Through research and evaluation, you can gain an understanding of who your target customers are, and their buying behaviours. Armed with this information, you can then develop an appropriate strategy for your business.
Here are some approaches you can use:
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Review your company’s internal sales and order information to reveal existing customers’ buying patterns and characteristics.
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Gather marketing intelligence — through reading newspapers and trade publications; talking with customers, suppliers, and team members; checking Internet sources.
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Perform market research — either by an internal research team or an outside firm through devices such as market surveys, product-preference tests, focus groups, and so forth.
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Use secondary data sources — such as government publications, business information, and commercial data.
