Successful businesses have extensive knowledge about their customers and their competitors. Getting accurate and specific information about customers and competitors is a critical first step in market investigation and development of a marketing plan. Accurate market assessment and development of an effective plan is critical to the success of both new and existing businesses. The market impacts and directs all aspects of the company's activities and ultimately will lead to success or failure of the business. In developing a market plan, the primary functions are to understand the customers’ needs and desires select or develop a product or service to meet those needs, develop promotional material to reach the customer, and ensure product or service delivery.
- Who is the customer?
- What are they buying?
- What are their needs?
- What are the gaps in the market?
- Who are the competitors?
- Where do they get the information for buying different products?