Although the Internet bubble has collapsed since 2000, producing “killer apps” remains the objective of many new software ventures. However, no matter how alluring the business idea may seem, without some kind of marketing strategy the venture will likely have a short life or fail before it is started.
Successful firms have a deep knowledge of their industry. They are familiar with the customers, markets, products and the competition. They are well acquainted with market research, competitor analysis and product positioning.
Every new venture seeks to utilize innovation to achieve a profitable business. However, no matter how alluring the business idea may seem, the entrepreneur should not rush out to start a business. There are steps that must be taken first.
The entrepreneurs who succeed have a strong knowledge of their industry. They have worked in the industry for many years and are familiar with the customers, markets, products and the competition. They know how each competitor functions in the industry and are well acquainted with the features and failures of all the various products. As well, they are aware of current trends and the level of technology within the industry. All of which are factors that affect the success of a new business venture.
But what does the inexperienced entrepreneur do when he has an idea he wants to form a business around? Then, it becomes necessary to establish an essential marketing strategy and to understand the basic marketing mistakes to avoid. These mistakes can lead to the failure of the business venture.
When starting a business, it is necessary to research the market and the competition. The new start-up must understand the markets and customers. Understanding the markets and customers enables the new firm to determine whom its customers are and what problems they are looking to solve. All new firms will have competition, thus it is necessary to identify them and it is possible to learn from them. Knowing the competition enables the new firm to determine where and how it should position its offerings against the competition. These are the essence of marketing assessment, and this paper provides a framework as a step-by-step process guide for assessing the market and competition for eMaxout – a hotel yield analysis software.
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