Market Plan Weakness
One of the most critical flaws when you “know all about” your technology, is that often you over look what you don’t know about your business. Market plans based on assumptions and secondary research do not give you enough information about your customers Consumers perceptions may differ from the reality, and are as important to understand.
Determining Your Market?
Your Business Plan should be based on market research to avoid pitfalls, including:
Too small or to broad a target market Lack of real product/service advantage Not knowing which features / benefits drive consumption Bad timing Not knowing what the customer wants
The Marketing Planning Process
Build the Foundation With a Market Assessment
Assessment of the Current Situation The entrepreneur must perform both:
1. Research and Analyze
2. Understand markets and customers
What does research provide? Answers the question “who is your customer”. Determines best distribution channels to reach these customers Determines market positioning; uniqueness, pricing, competitive advantage, who cares and why. Enables you to complete the remaining steps of the market planning process with more accuracy
Understanding your customer
External analysis involves
– – – – – – – What are you really selling? savings, safety, new market access??? What are the regulations and legal barriers? What is the cultural norm for change? Who are the early adopters? What motivates them to adopt new technology? What are they doing right now? What options are they interested in What is the user’s level of technology sophistication , are you to far ahead of the curve?
The Engagement Opportunity
You have an opportunity to be innovative and adapt to customer response....