market planning

Definition

The process of analyzing one or more potentially interesting marketplaces in order to determine how a business can optimally compete in them. The market planning process typically results in a marketing strategy that can be used to enhance sales for the business producing it.

Use market planning in a sentence

  • We went through a lot of market planning and we really thought we were ready to take that next step.

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  • Most car service mobile applications such as Uber and Lyft conduct extensive market planning of demographics, costs, and regulations when deciding where to best target their expansion efforts.

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  • Felix wanted to do some in-depth market planning to see how his goods would sell in both the U.S. and Canada if no tweaks were made to the production.

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