Posted in Marketing and Strategy Terms, Total Reads: 764

Definition: Preparation

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

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