You will need
- Information about the nearest competitors, data suppliers, data sales, Internet access
Analyze the needs and wishes of potential customers. Monitoring of the market is quite laborious and lengthy process, the results of which will allow to react quickly to the changing economic situation on the market. All these activities will be a great impetus for the further development and building a strategic plan for the further activities of the company. Monitoring begins with a needs analysis of the target audience of this brand or trademark. Based on this analysis, it is possible to adjust their own pricing policies, product range, location of branches or offices held with the sale of products promotions and bonus programs.
Analyze competitors and their pricing policies. Competitor analysis is a complex process that aimed at identifying their advantages. They are better than a specific company? In what their main excellence? What are the disadvantages of their activities? What suppliers they work and why their sales figures are higher than those of the company? The answers to these questions will allow you to take steps to improve their own activities and strengthen its competitive advantages in the analyzed market.
Make the synthesis of the market. The basis of the generalized analysis are data charges on suppliers, sales volumes taking into account the implementation of competitors ' products, the main types of advertising, and other parameters, which ultimately can affect the company's operations. Based on this information, you can create a table that displays a company's competitive advantage and its disadvantages compared to competitors. This table will also allow to make a conclusion about which indicators it should improve the company and what, conversely, are its main competitive advantages.
Monitoring should always be paid special attention to the quality of the meeting depends on the success of the company in the market.