Analyzing the Market: You cannot afford to operate on the basis of assumptions about the market and customers. You need to conduct a thorough analysis of the prevailing market environments, your strengths & weaknesses and the existing competition. Study your target customers and get in_depth knowledge of their needs and preferences. Based on this, you can determine your marketing objectives and position your product suitably.
I once sat in a meeting of project and business updates and suddenly one of the directors said, actually with all that we have now we can be in the medical device market. Violaaa!!! This medical device company used to service government hospitals and they have all the equipments. It's just that they never thought of going direct to the hospitals and take the lion share of the business. In that meeting, after going through the company yearly updates, this "innovation" came instantaneously and the next year they are pitching about it to the government hospitals directly.