Chapter 8 Marketing PLan Hisrich

Chapter 8
The Marketing Plan
(Hisrich)

McGraw-Hill/Irwin

Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.

Marketing Research for the New Venture
 Marketing research involves the gathering of data to determine such information as:
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Who will buy the product or service?
What is the size of potential market?
What price should be charged?
What is the most appropriate distribution channel?
And what is the most effective promotion strategy to inform and reach potential customers?

 Market research may be conducted by the entrepreneur or by an external supplier or consultant. Marketing Research for the New Venture
(cont.)

 Step One: Defining the Purpose or Objectives
 Make a list of the information that will be needed to prepare the marketing plan.
 For example the entrepreneur may think there is a market for his/her product but not sure who the customers would be or even whether the product is appropriate in its present form.
 For the above mentioned example, the objectives will be:
 Ask people what they think of the product or service?
 How much would potential customers be willing to pay for the product or service?
 Where would potential customers prefer to purchase the product or service?  Where would the customer expect to hear about or learn about such a product or service?

Marketing Research for the New Venture
(cont.)

 Step Two: Gathering data from secondary sources
 Secondary sources can include trade magazines, newspaper articles, libraries, government agencies, the Internet, and commercial data.
 Before considering any primary or commercial sources of information, the entrepreneur should exhaust all free secondary sources.
 Sources such as State Department of Commerce, chambers of commerce, local banks, state department of labour and industry and local media can be explored.
 Source of data given in table 8.2.

Marketing Research for the New
Venture (cont.)
 Step Three: Gathering Information from