business planning & market research on the internet
DESCRIPTION
Business Planning & Market Research on the Internet. On Business Plans. Strategic planning is the most important task for a manager! Plan need not be written May be required by lenders or other funding agencies The process can benefit from internet use!. The Planning Process. - PowerPoint PPT PresentationTRANSCRIPT
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Business Planning & Market Research on the Internet
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On Business Plans• Strategic planning is the most important
task for a manager!
• Plan need not be written
• May be required by lenders or other funding agencies
• The process can benefit from internet use!
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The Planning ProcessThink About Taking a Journey
1. Why are you going? – Mission
2. Where do you start? – Situation Analysis
3. Where are you going? – Objectives & Goals
4. How will you get there? - Strategies
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The Planning ProcessDefining Your Mission
• Think about why you are in business
• This reflects your values
• Reflected in a mission statement
• Use the internet to find example mission statements
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The Planning ProcessSituation Analysis
Includes systematic analyses of:1. Industry2. Competition3. Target markets4. Economy5. “SWOT”
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The Planning ProcessSituation Analysis
SWOT Analysis:1. Strengths2. Weaknesses3. Opportunities4. Threats
Internal Factors
External Factors
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The Planning ProcessObjectives & Goals
Goals – general statements about long-term targets
Objectives – specific statements about short-term targets with timeframe
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The Planning ProcessObjectives & Goals
Example Goal – To increase profits
Supporting Objectives1. To sell 20% more in 2007 versus 20062. To cut cost of production by 15% by
December 313. To develop website by April 30
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The Planning ProcessStrategies
• Strategies indicate how to achieve the goals and objectives
• As shown earlier, the internet presents one of many strategies to reach goals
• Monitor strategies along the way using milestones
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The Planning ProcessStrategies
Possible milestones for internet strategies:
1. Hits2. Contacts generated3. New clients generated4. Sales generated (Encourage people to
tell you they found you on the web)
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Market ResearchIndustry Analysis
Need to know:1. Industry size2. How it has changed3. How it may change4. The primary suppliers and buyers5. Its future viability
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Market ResearchIndustry Analysis
Before searching:– Assess what you already know– Assess what you need to know– Think about where to find information
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Market ResearchIndustry Analysis
Possible Internet Sources:– Professional associations’ websites– Government websites– University websites– Agricultural Marketing Resource
Center (www.agmrc.org)– Others
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Market ResearchMarket Analysis
Need to know:– Who and where customers are– What products customers want– What they value– Customers’ purchasing behavior– How customers receive marketing
messages
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Market ResearchMarket Analysis
What to do with this information:– Develop market segments– Develop strategies to reach segments
• Website information• On-line catalog• On-line shopping cart• Email notes & newsletter
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Market ResearchCompetitive Analysis
Need to know:– Who competitors are– How big they are– How they have grown– What resources they have– What segments they target
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Market ResearchCompetitive Analysis
• May be able to find information on competitors online
• May want to buy from them online or in person
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Market ResearchEconomic Environment Analysis
Need to know general economic conditions:
– Inflation– Unemployment– Growth of economy
Local newspapers and websites provide this
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Market ResearchSWOT Analysis
Complete this based upon what you now know about your company (strengths and weaknesses) and the outside environment (opportunities and threats).
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Market ResearchSWOT Analysis
• Build on your strengths
• Address your weaknesses
• Pursue opportunities
• Avoid threats
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Section Wrap-Up• Business planning is most important
function of management• The internet can help to assess the
situation – industry, competition, economic environment
• This is where your internet research skills can come in handy
• Some research is possible by talking to people