Analysis and market development is first and foremost about mapping the company’s characteristics and attributes, so that it is easy for the management to see where the company is best, where the company is in the middle of the tree and where the company is the worst compared to its competitors.
Designing marketing research seems like a lost art for most companies. For some companies, it is a lack of resources for other companies it is the pace of the game. Allocating lots of resources for research today which might be invalid tomorrow is an expensive game to play. However, as in every other part of any game, done right, it is what gives companies an edge. And an edge, in any marketplace, has never before been as valuable as it is today.
In our study conducted in the spring of 2019 we researched how to optimize industrial capital amongst owners, the board of directors, advisors, management, and administration to create a competitive business advantage. We found a best practice, and got to define a market leader and a market average.
Identifying needs in a market or segment comes first. Then identifying the value chain amongst your consumers. Then designing a commercialization plan towards that target audience, focusing on innovators first then early users and last early majority. Is essential for any business growth.
And everyone is a laggard, it all depends on your product or service. Warren Buffet is THE innovator regarding investment strategies. Whereas his following concerning his culinary competence is non-existing. And Kim Kardashian is most definitely and THE influencer for young women and their makeup needs, however talking soccer tactics she would probably be ciónsidere a laggard.