58. Marketing Research Resources

Marketing Research is a complete study on everything around your company. It’s the marketing plan per say.

In this part, you will have to describe your marketing plan and how you tend to promote your business. Think about the advertising and the product.

Also, tell your sources of information such as market studies.

Take all of the knowledge about your company and its market you pointed out before and try to apply it to the product or service you are providing.

In essence, make a marketing-mix:

Product – Classify your product. Is it tangible or is it a service. What is it like: format, package, characteristics, quality, brand, design, etc.

Price – What price your product has. What discounts, promotions, loyalty cards or other things are there than can make the price decrease. What ways of payment you have and when clients will pay you.

Place – Where the product is sold. Where it is on stock. Which channels of distribution are you going to use.

Promotion – advertising, public relations, personal selling and sales promotion. Where we are going to listen about your product.

When you are planning all of this and writing it on the business plan, you will be able to understand clearly what will happen after your product is fabricated.

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