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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
Think 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
The Planning Process
Defining 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
The Planning Process
Situation Analysis
Includes systematic analyses of:1. Industry
2. Competition
3. Target markets
4. Economy
5. “SWOT”
The Planning Process
Situation Analysis
SWOT Analysis:
1. Strengths
2. Weaknesses
3. Opportunities
4. Threats
Internal Factors
External Factors
The Planning Process
Objectives & Goals
Goals – general statements about long-term targets
Objectives – specific statements about short-term targets with timeframe
The Planning Process
Objectives & Goals
Example Goal – To increase profits
Supporting Objectives
1. To sell 20% more in 2007 versus 2006
2. To cut cost of production by 15% by December 31
3. To develop website by April 30
The Planning Process
Strategies
• 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
The Planning Process
Strategies
Possible milestones for internet strategies:1. Hits
2. Contacts generated
3. New clients generated
4. Sales generated (Encourage people to tell you they found you on the web)
Market Research
Industry Analysis
Need to know:1. Industry size
2. How it has changed
3. How it may change
4. The primary suppliers and buyers
5. Its future viability
Market Research
Industry Analysis
Before searching:– Assess what you already know– Assess what you need to know– Think about where to find information
Market Research
Industry Analysis
Possible Internet Sources:– Professional associations’ websites– Government websites– University websites– Agricultural Marketing Resource Center (
www.agmrc.org)– Others
Market Research
Market Analysis
Need to know:– Who and where customers are– What products customers want– What they value– Customers’ purchasing behavior– How customers receive marketing messages
Market Research
Market 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
Market Research
Competitive Analysis
Need to know:– Who competitors are– How big they are– How they have grown– What resources they have– What segments they target
Market Research
Competitive Analysis
• May be able to find information on competitors online
• May want to buy from them online or in person
Market Research
Economic Environment Analysis
Need to know general economic conditions:– Inflation– Unemployment– Growth of economy
Local newspapers and websites provide this
Market Research
SWOT Analysis
Complete this based upon what you now know about your company (strengths and weaknesses) and the outside environment (opportunities and threats).
Market Research
SWOT Analysis
• Build on your strengths
• Address your weaknesses
• Pursue opportunities
• Avoid threats
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