Step 2. Now that you have written your marketing goal, let us move to the next step. The next step is to understand your market. For eg, what is the size of your market? How the market is segmented, who are your competitors etc? Here is the list of questions for which you need to have your answers in detail.
- What is the size of your market? For eg the market size is 250 cr or the market size is about 50 cr. It will depend upon your product and your geography
- What are the market segments? For eg the soap market is broken up into the following segments – ayurvedic, medicated, handmade etc. Make a detailed list of the segments, because it is very important to know which segment your product belongs to.
- Who are the other players or your competitors? Make a list of all the players and to which segment they belong. List them according to their size and hierarchy.
Spend time in detailing the answers. You will be delighted with some insights that you gain from this exercise. It might lead you to some new ideas.