Market strategy development is a critical aspect of market research, which involves the process of identifying, analyzing, and interpreting data and information related to the market, competition, and customer behavior. The goal of market strategy development is to help companies make informed decisions that can improve their market position, increase their revenue, and build brand equity.
Market strategy development typically involves several key steps, including defining the problem, setting research objectives, designing the research study, collecting data, analyzing the data, and making strategic recommendations. These steps are crucial to developing effective market strategies that can meet the needs of the business.
Defining the problem is the first step in market strategy development. This involves identifying the specific issues or challenges that the company is facing and determining how market research can help address these issues. Once the problem has been defined, the research objectives can be established. These objectives should be specific, measurable, achievable, relevant, and time-bound.