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- Market potential: It is important to find the market potential to understand the entirety of consumers who need your products and services. Don’t just consider the actual size; it is also good to consider the trends of future projections.
- Competitor analysis: While investigating the current market, you need to come up with the already established as well as upcoming players in the field. This determination will show where you stand in the market and how to attain a competitive advantage over others.
- Pricing analysis: Analyze your competitors and find how much they charge for similar services. Also, evaluate the terms and conditions they provide to their client base. This analysis helps you compare pricing and illustrates how people perceive your targeted pricing model to understand how people will react to your specific product/service at varied price points.
- Location analysis: You may target a local or international audience; it doesn’t matter, but your location matters a lot. If you depend more on foot traffic, location is the key. So, the locations of your business need to be carefully considered. It will determine the shipping charges, employee group, rent, taxes, and purchase prices.
- Distribution channels analysis: If you are physically moving products, you need to think about how they would reach your end customer because it is extremely important for successful business operations. You can choose to have a multifaceted distribution channel mix that provides both direct as well as indirect distribution.
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