I have learn the below concepts from this chapter.
1.Market Analysis
Market analysis is a documented investigation of a market that is used to inform a firm's planning activities particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.
2.Competitive Analysis
Business takes place in a highly competitive, volatile environment, so it is important to understand the competition. Questions like these can help:
Who are your five nearest direct competitors?
Who are your indirect competitors?
Is their business growing, steady, or declining?
What can you learn from their operations or advertising?
What are their strengths and weaknesses?
How does their product or service differ from yours?
3.Distribution Channel
distribution channel is a method of getting a product to its consumer
4.Marketing Mix
Four P's, the marketing mix elements are price, place, product, and promotion.
Those concepts really lead a way to people who wants to make their company profitable and keep growing. To apply those concepts to the real world business is also essential, It would really do help me to have a different kind of thinking when making business decision. It's always good to know and understad more that could really help me to make appropriate decision and strategy.
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