industry analysis: assessment of competitor marketing strategies, strengths and weaknesses provides knowledge that can affect marketing strategy decision making

marketing research for new venture:

marketing plan: written statement of marketing objectives, strategies and activities

• characteristics of a plan/ should include

  • a strategy
  • based on facts and valid assumptions
  • describe an appropriate organization for implementation
  • provide short term and long term continuity
  • be simple and short
  • be flexible
  • specific criteria for control

• outline for a marketing plan

  • situation analysis
    • background of venture
    • strengths and weaknesses of venture
    • market opportunities and threats
    • competitor analysis
  • marketing objectives and goals
  • marketing strategy and action programs
  • budgets
  • controls

preparing marketing plan:

• define business situation
  • situational analysis- describes past and present business achievements of new ventures
  • after start of venture, info should relate to:
    • present market conditions
    • performance of company’s goods and services
    • future opportunities or prospects