MARKET RESEARCH AND ANALYSIS

This Section is Key to your Marketing Plan and Marketing Strategies.

Once you have your outline and are ready to set your goals put this section as #1.
This data will support your idea for a service or product in the market place.
If it doesn't then you had better rethink what you want to do.

Customers
Who are your customers and what drives their buying? Identify customers that are already committed or you believe they are willing to commit to your product or service. Customers can be grouped by common characteristics (segments). Consider regional and foreign markets and their access to and through the Internet. You must be able to explain how fast your product or service will be accepted in the market place. How will customers purchase your service or product? (e.g. wholesale, retail, through representatives, etc.) What will they base their decision on. (e.g. price, timing, quality, service, training, personal contact, etc.) If you already have customers or contracts, list them.

Market Size and Trends
What is the market size and what are the trends? Show the total market and what you see as the available market (i.e. 100% - 80%). Consider the following: government policy, population shifts, industry trends and socioeconomic trends. Changes in growth rate during any periods need to be explained. Where are the risks in the market and what will cause you trouble?

Competition and Competitive Edges
Who is your competition? Study them and get to know them really well. Look at other products and services in these areas: quality, price, delivery, market share, performance, timing, service and warranties. Know their market set up and describe their strengths and weaknesses. Compare your product or service to theirs. Know the market leaders by service, price, quality, performance and cost. If there is no competition. Why isn't there? No Market? Not valid? Or, is this an open market?

Estimated Market Share and Sales
Just as you've estimated your competitions market share and sales you must do a projection on your own market share and sales and your ability to achieve them. Who will be your major customers, by market segment and by specific product or service.

Ongoing Market Evaluation
This portion looks at evaluation of your target markets, customer needs and service. If you are producing a product you must look at improving existing products and adding new products. Production expansion should be considered and your pricing and pricing strategy.