Before starting a new project, you need to draw up a business plan. This document is fundamental for the investor. The main tasks that the business plan displays are the cost part and profit from investments during the period of cash investment turnover. To create a business plan, you need to conduct marketing research from the starting point of the project to its completion.
What is marketing and what is it for
If we define the concept of "marketing" in two words - it is the collection and analysis of information on a given topic.
The concepts of "marketing" and "marketing research" in economics imply the collection of information about the market for goods and services, end users and their behavior, competitors and their actions, the study of potential suppliers of materials and products necessary for a manufacturing enterprise.
When creating a business plan, marketing research is especially important, since the implementation of a new project is primarily an investment of money, which in a certain time period should bring dividends.
The seizure of a certain sector of the turnover market entails a decrease in profit indicators from competitors who simply will not give up their potential end consumers. A new business project itself implies attracting new customers. In this regard, marketing research should show which consumer sector can be attracted to the release of new products.
Also, the business plan reflects the study of suppliers of raw materials and materials required for a new project, the cost of these raw materials.
Marketing Research Objectives and Their Significance
When performing marketing research for a new business project, it is necessary to take into account the questions that have arisen: what decisions will be most effective in project management; what needs the buyer prefers in the first place; what are the market prospects for the new business idea; what kind of sales policy will be most acceptable for a new product on the market; what methods need to be applied to increase the effective promotion of the project.
After analyzing the strengths and weaknesses of the project, a management decision is made in relation to competitors, and rational measures to counteract them are determined.
Gathering marketing information is critical to creating a business plan because the performance of the product market is constantly changing. Analysis of the information will help to predict when it is most profitable to introduce a new product to the market. Analysis of market sectors in other regions will allow the new product to occupy a certain segment in the remotely remote market. Marketing analysis also helps predict customer behavior in regional market segments.
Only after conducting a marketing research complex can an effective business plan for a new project be drawn up.
