Research or market research, research, analyze and demonstrate everything related to the market: what will be our target market, what will our future demand, which will become our competitors, who are our suppliers, and what our marketing strategy use:
a. Defining the market profile
For that our previous market segmentation, which segments or divides the total existing market for our products, and select the market or markets resulting from the segmentation, the most attractive to businesses, according to our capacity, our knowledge and experience.
And so we have selected our target markets, we define the appropriate customer profile, ie, analyze and show their main features, for example, shows where he stands, what age range you are, what they taste, what their preferences, what their spending habits, what their buying behavior, what their attitudes, etc..
b. Analysis and forecasting demand
Is to analyze and determine the outcome of our demand (or forecast sales) for the period of time (when the screen we want to have our business plan, typically 1-3 years).
After the estimate request, we prepare a budget or sales projections, obtained by multiplying the sales forecast for the price that we will make our product.
Sales budget is the basic budget is built from the others.
c. Competitive Analysis
Is to analyze and study our competitors, first gather all the information relevant to them, then analyze it, and then get off track, for example, what is the leader or the leading competitors, where they are, what their market what their strategy, what is the price they are, what your capacity, what advertising media, what’s selling points, what strengths and what their weaknesses.
d. Marketing Analysis
At the point of design, develop, and demonstrate all the marketing strategies or business strategies that apply when the business was launched, taking into consideration the characteristics of consumers that make up our target market, and competitive analysis we have done previously.
Note that our strategy in product design, the price we will use, distribution, and promotional products.
e. Supply market analysis
At this point we analyze and determine who will be the future of our suppliers and then analyze and show their main features, for example, where they are, what level of supply or production, what line of credit, price, which guarantees their payment facilities, etc.
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