Wednesday, March 4, 2015

Observe the marketing environment

Knowing your customer is vital, but there may also be business opportunities which emerge as a result of changing global circumstances. For example, in recession budget brands such as camp sites or cheap food stores tend to flourish as people dial down their annual spending. Emerging technologies may make new products possible, and new legislation may shift consumers behaviors - a good example is the reduction in road tax for low polluting cars. Make sure you regularly 'scan' the external environment for opportunities (and threats).

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