Understand the trend
The 2nd phase is to understand the trend of the business from a ppc point of view.
How to do that?
1st you need to know which time they get the maximum visibility, when people look for them, where people actually talk more about them (like in which location).
We can some idea from http://www.google.com/insights/search/ where we can know the trend of that specific keyword in that particular region from a period of time.
We can also have some idea using http://www.google.com/trends/.
We can look at the semrush.com and spyfu for the competitors and look what others are doing and what they are targeting.