BUSINESS MARKET PLAN

Business Market Plan



Business Market Plan

Introduction

The marketing plan details the steps to follow and achieve a specific objective. These steps are market research, product, price, advertising, promotion and distribution.

They can be used for a product, service or brand and is part of the business plan, which will be necessary if funds are looking for an organization marketing plan. Market Research, Promotional Strategies and Product Mix are the important components that need to be analyzed while starting a new business.

Discussion

Investigation 1

Market Research

As Tom has started a new business of catering, he should follow the market research that is being done for the newly established businesses in this field. By conducting a market research through polls, Tom has conducted a survey by asking questions to a sample of the target population so that he can know about the future prospects of his catering business. There were different questions that were asked in the sample questionnaire that helped Tom in finding the opinions of different people (Savitt 2006pp293).

It is an important source for the employer to know about whether people would like to avail catering services in the children or personal parties. Like these, other questions have also been asked in the questionnaire that gave Tom idea that he should start his business because people gave positive feedback which reflects there is a rising demand for catering business (Shaw 2004 pp 285).

Market Research Methods

There are other research methods as well that Tom can adopt to conduct market research for his new catering business.These may include the following methods:

Focus Groups

Focus groups meet in sessions with facilitators place where interviews and brainstorming exercises that collect information on user needs and the context in which they use or would use your services or products.

Personal Interviews

Personal interviews are semi-structured discussions with individuals. They include open-ended questions that allow the interviewer to explore the topic to understand the perceptions and attitudes underlying them (Witkowski 2003 pp 146).

Contextual Inquiry

One asks the user to perform a specific task, and the interviewer observes and notes the problems faced by the user and the tasks it manages.

Task Analysis

Task analysis is different from usability testing, since it does not analyze the usability of a website.

Contributions of Market Research

There are many contributions that market research can make, to enhance the business activities. They are as follows:

In making basic decisions

Market research provides the information necessary for the maturation of key decisions and long-range undertaking requiring careful analysis of the facts. When alternative solutions are complex problems, making decisions without their help is dangerous (Savitt 2006 pp 293).

In the direct task

Market research provides the manager have valid knowledge about the products in the place, time and right price. Does not guarantee correct solutions but significantly reduces the margin of error in decision-making (Schultze 2002 pp 16).

In the Company's Profitability

Essentially contributes to increased business benefit because it allows products to better match demand conditions, perfect promotional methods, makes for a more effective sales system and vendor ...