Many times, businesses rely on informal methods for collecting market data. “I just heard from someone that this just happened to that competitor.” This type of market data is largely hearsay and is coming from the rumor mill rather than a valid analysis of the market. This is an area where you need to be wary, challenge answers and explore the assessment responses in detail. A response that says “Our prices are the lowest in the market” or “We have the market-leading solution” should be met with the response: “How do you know?” What is the source of the business’s market information, and how current is this data?

Sustainable businesses don’t rely on the rumor mill when making strategic decisions because they recognize that this ...

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