Question

What are the best ways to research your busnisses market and your competition? And what tools, databases, etc. do you have to share with your peers?

Answer 1

understanding the market and preparing ourself to face it is the most difficult task to any business man or firm. every business has its own threats and one of the common is competiton. competition help us to become more and more stronger, runs with more care and strives for quality. if we are wake, the competitor will drag us and they may occupy our position in the market. hence, the producers consider all these and works to sustain the market.

the common pracrices to assess a business is- its sales from its inception, the growth in sales, revenues, profits, employees, number of stores, locations, markets etc. the increase of all these indicates the business is growing and means become more stronger in the market. a decrease of all these indicates the weakness in the market and lost the market share to the competitors.

the database and the specific tools to understand the performance of a business are:

• FINANCIAL STATEMENTS of the business unit: reveals the profitabililty of the firm
• New customer adding to the existed number of customer
• the level of customer satisfaction
• introducing new products regularly into the market
• upgrade the targets of business

there are many tools and different scales to understand the business position in the market, but the above 5 factors are more important than any others I think.

The business goals also updated by the firm regularly, if not it may not grow. Initially it may target to cover a specific market, later they me extend into new markets, later they may focus on more products for different customers, the product portfolio may increased. All these are parts of business targets only, and these goal upgradation may in the form of more sales, more branches, more employees, more profits and so on. But most of the firms update their busienss goals yearly or time wise, by minimizing their limitations.