Summary
When you have decided what
business you are in, you have made your first marketing decision.
Now you are ready to conduct marketing research and make other important
marketing decisions. The key steps include:
- Defining your market
- Analyzing the competition
- Testing your product
or service
- Building a marketing
plan
The importance of going
through the above steps cannot be overstated. Your purpose is not
to simply produce a plan, but to gain knowledge and insights about
your customers, their needs and how you will meet or exceed their
expectations - profitably. Effective marketing research and market
planning will serve as a foundation for your business for years to
come. In a highly competitive and ever-changing marketplace, the marketing-minded
business owner has the winning edge.
