Market trends and competitor intelligence
Key things to find out about your market to remain competitive including the demand for your product or service, market trends and competitors’ plans.
Understanding market trends is important if your business is to make the most of its opportunities and stay competitive. You also need to understand your competitors and be aware of what they are doing to predict their next moves and exploit any weaknesses.
Try to get answers on:
- Is demand for your product or service growing or shrinking?
- What are the current economic and market trends?
- How might customer needs and buying behavior change?
- What new products are competitors developing that could outdate yours?
- What are competitors' plans and changes?
- What do competitors offer, and at what prices?
- What do competitors offer, and what prices do they charge?
- How do competitors advertise and promote?
- Is there any upcoming legislation which could impact your market?
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