Understanding the market typically involves several steps:
Market Research: Conduct surveys, focus groups, and interviews to gather data on consumer preferences and behavior. Data Analysis: Use statistical tools to analyze the collected data and identify trends and patterns. Competitive Analysis: Study competitors to understand their strengths, weaknesses, and market positioning. SWOT Analysis: Identify internal strengths and weaknesses, as well as external opportunities and threats. Customer Feedback: Regularly collect and analyze feedback from customers to understand their evolving needs.