“If you know others and know yourself, you will not be imperiled in a hundred battles;
If you do not know others but know yourself, you win one and lose one;
If you do not know others and do not know yourself, you will be imperiled in every single battle”
(Sun Tzu â€“ The art of war â€“ 6th Century BC.)
The first step to make an idea become a feasible business reality is to analyse deeply the market our product or service is addressed to. It is essential that we know the different agents and factors influencing it to design a suitable enterprise strategy.
A market survey consists of the analysis of 4 elements:
- Customer analysis
- Competitorsâ€™ analysis
- Analysis of the activity sector
- Analysis of the environment we are going to develop our business activity in.
Thanks to the market analysis we will know better our weaknesses and strengths, as well as the possible opportunities and threats that might arise. The knowledge of these factors is a key part of the process to design our marketing plan.