business planning & market research on the internet
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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. - PowerPoint PPT PresentationTRANSCRIPT
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 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
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
The Planning ProcessSituation Analysis
Includes systematic analyses of:1. Industry2. Competition3. Target markets4. Economy5. “SWOT”
The Planning ProcessSituation Analysis
SWOT Analysis:1. Strengths2. Weaknesses3. Opportunities4. Threats
Internal Factors
External Factors
The Planning ProcessObjectives & Goals
Goals – general statements about long-term targets
Objectives – specific statements about short-term targets with timeframe
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
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
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)
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
Market ResearchIndustry Analysis
Before searching:– Assess what you already know– Assess what you need to know– Think about where to find information
Market ResearchIndustry Analysis
Possible Internet Sources:– Professional associations’ websites– Government websites– University websites– Agricultural Marketing Resource
Center (www.agmrc.org)– Others
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
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
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
Market ResearchCompetitive Analysis
• May be able to find information on competitors online
• May want to buy from them online or in person
Market ResearchEconomic Environment Analysis
Need to know general economic conditions:
– Inflation– Unemployment– Growth of economy
Local newspapers and websites provide this
Market ResearchSWOT Analysis
Complete this based upon what you now know about your company (strengths and weaknesses) and the outside environment (opportunities and threats).
Market ResearchSWOT 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