Business Plan Milestone Five: Marketing Research and Evaluation
5-2 Final Project: Business Plan Milestone Five: Marketing Research and Evaluation
Instructions
In Milestone Five, Marketing Research and Evaluation, you will be presenting evidence that a market exists for your business. Your goal will be to convince investors that a large enough market exists for your product or service and that you can be competitive in that market.
Identify your target market and state the size in dollars and units. How will you remain competitive? How will you assess your customers’ needs over time?
Who are your competitors, and what are their strengths and weaknesses (you can refer to Milestone Two for this information)? What percentage of market share do your competitors have, and what percentage can you expect to get?
You will also want to address your pricing policy and how your price will penetrate the market, maintain your market position, and allow you to earn a profit. Address your promotion strategy which should include the use of social media, your distribution strategy, and your service policies.
