Discuss the importance of conducting thorough market research and competitor analysis in the business planning process. How can businesses use this information to identify opportunities and mitigate risks?
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Discuss the importance of conducting thorough
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- Explain the relevance of the industry analysis to the market planning process.How do the goals set for a marketing program in the planning phase relate to the evaluation phase of the strategic marketing process?What is the role of competitive analysis in marketing, and how can companies gain a competitive advantage through effective analysis?
- How does market planning contribute to achieving business objectives?Business Monitor International is one of several organizations that seek to predict future trends in sectors, countries, and financial markets. How are these services sold to businesses as legitimate business planning tools?How can market analysis benefit a business?
- What is the purpose of Budgets in a marketing plan?Market analysis offers managers insights into the interrelationships of firms, consumers, and products so that they may understand and predict consumers’ (possibly competitors) response to their actions. Critically explain four (4) reasons for correctly defining a market. Critically evaluate four (4) critical dimensions of market analysis in the marketing planning process. Apply real marketing examples from specialty coffee chains to both your answers.Explain the three steps of the planning phase of the strategic marketing process. deviations from plans
- One major reason for undertaking marketing research is to identify market opportunities. Once the research is complete, the company must measure and forecast the size, growth, and profit potential of each market opportunity. With regards to the above information examine how demand can be estimated in a market.Describe the need for business intelligence and advanced analytics in businesses.Identify the various business scenarios in which can be business analytics applie? What type of decision making will be done in each scenario?