Customer Base And A Niche Industry

When examining competitive advantage, it is also important to consider the market and take into account the existing competition against larger firms.

But today’s customer—and today’s competition—requires a deeper level of understanding. Traditional market research is fine,

To compete with others industry, for our new product we must first know our competitor and the current industry technique by mapping the competitor’s landscape then act as a customer who mean putting themselves inside of their minds. Be knowledgeable about your business. Know all the loop-holes, hire outside consultants who are familiar with the marketing mix. Utilize the four P’s, price, place, promotion, and product.

Make a customer analysis and segment the market. What impact does your analysis have on the current business model of the company?

The market research that needs to be used is finding the need for the product through surveying at places that promotion is planned to take place. This consists of scoping places that may be good for the company to find consumers. Realtor offices are a great place to survey

Niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment

What 3 pieces of information should try to find out from your potential customers whilst researching their needs?

Markets consist of buyers that differ in their needs, wants, resources, locations, buying attitudes and buying practices. To reach customer insight, it is important to understand the needs of different segments and to communicate pertinently to them (Brown L, Brown C, Gallagher SM, 2008).

Customer demand and product preference should be focused on to produce more of what the customer wants and to allow for stock reduction.

Competition being one of the major issues that often must be addressed in the business world, it is important for a firm to learn on ways to reduce the impact of the competition. Competition is definitely an important factor in helping a business

In today’s business world, competition is a big concern for nearly every corporation. The competition on the market is getting stronger and more difficult to overcome, in many situations corporations terminate their products, production, or their services, just because it is impossible to continue; the cost is too high to focus on gathering development projects in marketing, production, market research, and product innovation, to fight against the competitors.

One of the most important in coming up in the marketing plan is identifying your potential customers or your target market. With this, the researchers can implement and come up with the strategies suited with the identified target market. Target market or customers are those who are likely to buy your product.

Competitive analysis is an important part of your business plan, there are a lot of different alternatives in the market, costumers usually look for different sets of values to focus on, benefit levels and what does the item include when they are choosing where to buy the product from. Even though costumers usually choose similar products to those alternatives, and that’s where competition is created.

In terms of Customer, I as the marketing manager have selected the target market as following firstly The Harried Assistants, second, The High-Tech Managers,

Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives. You can use this knowledge to create marketing strategies that take advantage of your competitors ' weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be.