By identifying these factors, you can develop a marketing strategy that will allow you to arouse and fulfill their needs. At first, target only those customers who are more likely to purchase your product or service. As your customer base expands, you may need to consider modifying the marketing plan to include other customers. Develop a marketing plan by answering these questions. Competition Competition is a way of life.
Nations compete for the consumer in the global marketplace as do individual business owners.
Advances in technology can send the profit margins of a successful business into a tailspin causing them to plummet overnight or within a few hours. When considering these and other factors, we can conclude that business is a highly competitive, volatile arena. Because of this volatility and competitiveness, it is important to know your competitors. Start a file on each of your competitors. Keep manila envelopes of their advertising and promotional materials and their pricing strategy techniques.