The business has a competitive advantage in the market

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Criteria for selecting target market: Market size: Large enough to be profitable. Growth potential: Potential for future growth. Accessibility: Easy to reach target customers. Competitiveness: For example: A tech startup might focus on a niche market with a young, tech-savvy customer base.


A large company can target the mass market with a mass product. 2.5. Brand positioning Brand positioning is how a business creates a distinct image and value in the minds of customers compared to competitors. Brand positioning helps businesses: Make a difference: Stand out from the crowd and grab customers' attention.


Building Loyalty: Creating an emotional iraq whatsapp number data connection with customers. Increase brand value: Enhance brand value in the eyes of customers. For example: Apple positions its brand as luxury, innovation and class. Walmart positions its brand as offering savings and convenience.


2.6. Advertising budget Advertising budget should be determined based on advertising objectives, market size, competitors and financial capacity of the business. Methods for determining advertising budget: Percentage of Revenue: Allocate a fixed percentage of revenue to advertising.


Compete with competitors: Based on competitors' advertising budgets. Objectives and tasks: Determine the budget based on the specific objectives of the advertising campaign. For example: Company B increased its advertising budget by 10% to compete with the new competitor.