Components of a Marketing Plan
Components of a Marketing Plan Market Research Every effective marketing plan begins with research. Market research (also known as industry research) is the process of analyzing market conditions and current products to help you find business opportunities and discover your target audience. If you craft a startup marketing plan, you may discover an unmet need or want in your industry, which then gives you a product idea. Marketing opportunities for your existing business. What is the size of our customer base? Based on trends, is our customer base growing or shrinking? What is our current share of the market? What share of the market do we think we can take? Are there unmet needs/missed opportunities in the market? Primary research includes all research that you conduct yourself, such as interviews and focus groups. Secondary research refers to research that has been done by someone else, including industry reports and stud...