Market reassessment is crucial for several reasons:
Adaptation to Change: Markets are dynamic and can change rapidly due to various factors such as technological advancements, economic shifts, and changes in consumer behavior. Regular reassessment allows businesses to adapt and stay relevant. Identifying Opportunities: By reassessing the market, businesses can identify new growth opportunities, such as untapped customer segments or emerging trends that can be capitalized on. Risk Management: Understanding the market landscape helps in identifying potential threats and risks, allowing businesses to develop strategies to mitigate them. Improving Competitiveness: Keeping an eye on competitors and understanding their strategies can help a business adjust its own strategies to maintain or improve its competitive edge.