To run a successful business you need to know all about your potential and existing customers and the marketplace you operate in. Regularly assess who your competitors are, their strengths and weaknesses, who your customers are and what they want, and whether there are any gaps in the market.
Get as much information as possible from a variety of sources to help you understand your marketplace. Find out about economic and industry trends, customer requirements, newly released products and what your competitors are doing.
Remember that marketing is essential to any business, so it’s important to make it part of your ongoing business plan.
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