Aim: to present the Business Plan idea. To propose a research methodology.
1. Business plan idea
a. Need/Problem statement – What is the need/problem? Why the problem needs a resolution? – Brief industry analysis. Expected target group. Competitive situation.
b. Objective/Solution – What is the solution (product/service/idea)? – Brief company description. Initial competitive advantage. Business plan objectives.
a. Marketing Research techniques* – for environment, competitor and market analysis (for ex. Literature review), for customer research and analysis (for ex. Survey/interview/focus group).
MarketING research is the function that links the market to the marketer through information:
- defines marketing opportunities and problems;
- generate marketing actions (4Ps);
- monitor marketing performance;
- improve understanding of marketing as a process.
AMA (Approved October 2004)
- Primary – collected by researcher to address question/hypothesis (ex. customer surveys, interviews, observations)
- Secondary – available and ready to use (ex. literature review, internet sources)
Marketing Research Types:
Exploratory studies are used to research a field with a little or no knowledge (ex. focus groups, observations).
Aim – to find new ideas.
- (+) Very flexible and not formalised.
- (-) Should be followed by descriptive or causal research.
Example: What kind of people patronize our stores compared to our primary competitor?’ ‘What product features are the most important to our customers?’
Descriptive studies are used when market is well known (ex. survey).
Aim – find out what is happening in a certain situation.
- (+) Base on research questions.
- (-) Formalised.
Example: ‘ What is the percentage of the target audience familiar with the brand?’ ‘Our sales are declining for no apparent reason’ ‘What kinds of new products are fast-food consumers interested in?’
Causal studies (Explanatory research) are used when market is well known on later stages of decision making (for ex. experiments).
Aim – to study the reasons why something is taking place in a certain way.
- (+) Base on research hypothesis.
- (-) Planned and structured (formalised).
Example: ‘Will consumers buy more products in a blue package?’ ‘Which of two advertising campaigns will be more effective?’