98 Know Your Market
One of the important challenges of strategy formulation and implementation is to thoroughly understand the markets you serve and the needs and desires of your customers. This understanding will be essential in developing your marketing strategy, which must match market preferences with existing and potential products or services.
Numerous social and political factors affect the attractiveness of the environment in which a business functions, including demographics and trends, laws and regulations, taxation and subsidies, power of special interest groups, unionization, and societal attitudes. The strategist must identify and take advantage of these macro trends.
Some industries are more attractive than others because of the ...
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