The third step emphasizes staying updated with the latest market trends and regulations that could impact the business. The final step is a detailed analysis, combining all the research to gain a deep understanding of the market, competitors, and potential growth opportunities.
Key takeaways:
- Identify top competitors in your market and understand their strengths and weaknesses.
- Analyze competitors using SWOT to identify their strengths, weaknesses, opportunities, and threats.
- Stay updated with the latest market trends and regulations that impact your business.
- Combine your research for a final detailed analysis to gain a deep understanding of your market, competitors, and opportunities for growth.