Contents of the free course
- Introduction
- Why You Must Do Market Research
- Summary
Have you also considered these aspects of the course?
- Who will be your typical customer?
- What do customers want?
- Why will your typical customer buy from you?
- How to conduct market research successfully
- SWOT
- Your Marketing Plan
- Your Personal Action Plan
- Answers to Questions
Enroll on a complete business course and receive nationally recognised qualification or call us free at 08000-75-8000 for further information
Introduction
The aim of this Business Skills course is to help you develop a marketing ‘package’ that will successfully meet customers’ needs. When you have completed this full course, you will have a complete marketing plan. You will be able to:
. define your typical customer
. determine what they want
. decide why they will buy from you
. produce a personalised plan of campaign for your market research
. identify your firm’s strengths, weaknesses, opportunities and threats
. design a successful marketing ‘package’.
Marketing is a vital part of the business plan.
The business plan says where you’re going (your objectives) and how you’ll get there (the plan). Without a business plan, the business is just drifting - going nowhere in particular. A business going nowhere usually gets nowhere.
It is important to position your firm successfully in your market and beat competitors at supplying your customers’ needs. This course will give you a practical guide to achieving that.
Your plan will be based upon a platform of market research. You need market research to answer five of the hardest questions in
your business plan. These questions are fundamental to your success.
 - Who will be your typical customer?
- What will they want?
- Why will they buy from you rather than your competitors?
- How much will you sell in the next 12 months?
- Will you achieve your business objectives?
Much of market research is about forecasting the future, ie what people will want, how much your sales will be. Forecasts are rarely correct but good forecasting reduces the risk of making bad business decisions.
Considering how much risk is involved in running a business, it would be folly not to do market research. Yet most people starting a business don’t do it. And most people running a business don’t do enough. Most fail.
Gain an advantage over them. Start your market research today.
Enroll on a complete business course and receive nationally recognised qualification or call us free at 08000-75-8000 for further information
Why You Must Do Market Research
Success in business is giving people what they want - profitably.
But how do you know:
- what they want?
- whether it will be profitable?
In crude terms, profit is the difference between sales and costs.
Sales
Less Costs
Profit
So, to forecast whether your business will be profitable, you need to forecast both sales and costs.
Of these two forecasts, the sales forecast is by far the most important. This is because the level of sales determines the level of costs.
For example, if you sell more product, then you obviously have to produce more, which in turn costs more. However, if you sell a lot more product, you may need to operate from bigger buildings with more staff etc. This will drive up your overheads also. Your costs are the sum of both your production (or service) costs and your overheads. Cost can behave quite differently at different levels of sales.
So, to forecast your costs, you have to forecast your sales. But how will you determine your sales?
There are three factors: these are your customers, your competitors and you.
Summary
Your quarry
The people in the way, trying to stop you reaching your quarry
How good your business is in providing exactly what your customers want
1 To know if your business will be profitable, you need to forecast sales and costs.
2 To forecast costs, you need to forecast sales.
3 To forecast sales, you need to consider ‘customers’, ‘competitors’ and ‘you’.
4 Market research helps you to understand ‘customers’, ‘competitors’ and ‘you’.
Enroll on a complete business course and receive nationally recognised qualification or call us free at 08000-75-8000 for further information |
