Posted in Marketing and Strategy Terms, Total Reads: 602
Preparation or market preparation involves a complex process of understanding the business, planning for future, and inventing new practices so that the return is optimum. A defined strategy and structure is what is absolutely essential for preparation.
Preparation includes some of the following practices:
- Understanding the existing Industry environment (if any): This would involve environment scanning analysis like Porter’s forces analysis, PEST and PESTEL.
- Understanding Business options: Suppliers, collaborators, target customers and other stakeholders of the market and the business
- Understanding Specifications: This could be aided with the help of market research (data collection and analysis) and other techniques
- Creation of a Strong Business Model: Probably the most essential part of preparation.
- Positioning Strategy: A good positioning will ensure long lasting success of products in markets