Re_formulating objectives: after the close examination of data gathered in the previous stage, sometimes it is needed to re_formulate the initial objectives, in order to address all the issues that might have come up from the previous stage. The distance between the initial objective and the re_formulated objective will be covered by appropriate strategies. We must ensure the re_formulated objective is SMART as well.
You must know your competition in and out. Keep your friends close, but keep your competitors closer. You need to know all the things that you learned about your customers except fill in the blank for each competitor on all of those above items. Learn how you are the same/ different. Learn the similarities/differences about each product and service you offer. Learn how they sell or promote their products /services.