Uploaded by Basilio, Christine D.

Market Research & Marketing Plan Document

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MARKET RESEARCH AND MARKETING PLAN
SUBMITTED BY:
GROUP 10
BASILIO, CHRISTINE D.
FLORENTINO, KATHERINE
PEREZ, CHERRY ROSE
BS-ENTREP 1F
SUBMITTED TO: CANICE MAURIZE M. MORALES VISITING LECTURER DATE:
DEC 11,2024
MARKET REASEARCH
MARKET RESEARCH EXAMINES CONSUMER BEHAVIOR AND TRENDS IN THE ECONOMY TO HELP A BUSINESS DEVELOP AND FINE-TUNE ITS BUSINESS
IDEA AND STRATEGY. IT HELPS A BUSINESS UNDERSTAND ITS TARGET MARKET BY GATHERING AND ANALYZING DATA.
MARKET RESEARCH IS THE PROCESS OF EVALUATING THE VIABILITY OF A NEW SERVICE OR PRODUCT THROUGH RESEARCH CONDUCTED DIRECTLY
WITH POTENTIAL CUSTOMERS. IT ALLOWS A COMPANY TO DEFINE ITS TARGET MARKET AND GET OPINIONS AND OTHER FEEDBACK FROM
CONSUMERS ABOUT THEIR INTEREST IN A PRODUCT OR SERVICE.
RESEARCH MAY BE CONDUCTED IN-HOUSE OR BY A THIRD PARTY THAT SPECIALIZES IN MARKET RESEARCH. IT CAN BE DONE THROUGH SURVEYS AND
FOCUS GROUPS, AMONG OTHER WAYS. TEST SUBJECTS ARE USUALLY COMPENSATED WITH PRODUCT SAMPLES OR A SMALL STIPEND FOR THEIR TIME.
THERE ARE TWO TYPES OF RESEARCH YOU CAN CONDUCT: PRIMARY AND SECONDARY.
PRIMARY RESEARCH REQUIRES COLLECTING DATA TO LEARN ABOUT YOUR SPECIFIC CUSTOMERS OR TARGET MARKET SEGMENT. IT’S USEFUL FOR CREATING
BUYER PERSONAS, SEGMENTING YOUR MARKET, AND IMPROVING YOUR PRODUCT TO CATER TO CUSTOMERS’ NEEDS.
SECONDARY RESEARCH IS CONDUCTED USING DATA YOU DIDN’T COLLECT YOURSELF. INDUSTRY REPORTS, PUBLIC DATABASES, AND OTHER COMPANIES’
PROPRIETARY DATA CAN BE USED TO GAIN INSIGHTS INTO YOUR TARGET MARKET SEGMENT AND INDUSTRY.
STEPS TO CONDUCT MARKET RESEARCH FOR A NEW VENTURE
STEP 1: DEFINE YOUR RESEARCH OBJECTIVES
CLEARLY DEFINE WHAT YOU WANT TO ACHIEVE THROUGH YOUR MARKET RESEARCH. IDENTIFY THE SPECIFIC QUESTIONS YOU NEED TO
ANSWER AND THE INFORMATION YOU REQUIRE. WHETHER YOU'RE EVALUATING MARKET DEMAND, UNDERSTANDING CUSTOMER PREFERENCES,
OR ASSESSING COMPETITOR STRENGTHS AND WEAKNESSES, HAVING WELL-DEFINED OBJECTIVES ENSURES FOCUSED AND ACTIONABLE
RESEARCH.
STEP 2: IDENTIFY YOUR TARGET AUDIENCE
DETERMINE THE TARGET AUDIENCE FOR YOUR MARKET RESEARCH. THIS COULD BE YOUR POTENTIAL CUSTOMERS, EXISTING CLIENTS, OR
INDUSTRY EXPERTS. THE SELECTION OF THE TARGET AUDIENCE DEPENDS ON THE RESEARCH OBJECTIVES AND THE DATA YOU NEED TO COLLECT.
CONSIDER FACTORS SUCH AS DEMOGRAPHICS, LOCATION, AND BEHAVIOR TO IDENTIFY THE MOST RELEVANT AUDIENCE
STEP 3: CHOOSE THE RIGHT RESEARCH METHODS
MARKET RESEARCH CAN BE CONDUCTED USING VARIOUS METHODS, EACH OFFERING DIFFERENT INSIGHTS. COMMON RESEARCH METHODS
INCLUDE SURVEYS, INTERVIEWS, FOCUS GROUPS, AND OBSERVATION. ONLINE SURVEYS ARE COST-EFFECTIVE AND ALLOW YOU TO REACH A
WIDE AUDIENCE QUICKLY, WHILE INTERVIEWS AND FOCUS GROUPS OFFER MORE IN-DEPTH RESPONSES. WRITE THIS DOWN.
STEP 4: COLLECT AND ANALYZE DATA
IMPLEMENT ONE OR MORE OF THE ABOVE RESEARCH METHODS TO COLLECT DATA FROM YOUR TARGET AUDIENCE. ENSURE THE
DATA IS COLLECTED ACCURATELY AND ETHICALLY. ONCE YOU HAVE GATHERED THE DATA, ANALYZE IT TO DRAW MEANINGFUL
CONCLUSIONS. USE TOOLS AND SOFTWARE TO ORGANIZE AND INTERPRET THE DATA EFFECTIVELY. DEPENDING ON THE AMOUNT OF
DATA YOU COLLECT, TOOLS LIKE MICROSOFT POWER BI OR TABLEAU MAY BE USEFUL TO ORGANIZE AND VISUALIZE THE DATA. ON
THE OTHER HAND EXCEL OR GOOGLE SHEETS MAY BE SUFFICIENT. A SIMPLE GRAPH CAN HELP IDENTIFY CONCENTRATIONS OR
TRENDS - BUT TRY NOT TO OVER-COMPLICATE THE VISUALS.
STEP 5: DRAW INSIGHTS AND MAKE DECISIONS
BASED ON THE ANALYSIS, DRAW ACTIONABLE INSIGHTS THAT ALIGN WITH YOUR RESEARCH OBJECTIVES. LOOK FOR TRENDS
AND CONCENTRATIONS IN THE ANSWERS COLLECTED. USE THESE INSIGHTS TO MAKE INFORMED BUSINESS DECISIONS, REFINE
YOUR BUSINESS STRATEGIES, AND ADDRESS ANY IDENTIFIED GAPS OR CHALLENGES. THE DECISIONS MAY NOT ALWAYS BE CLEAR
OR DEFINITIVE. SOMETIMES THE BEST BET IS TO MAKE AN INFERENCE FROM YOUR COLLECTED DATA AND THEN TEST IT WITH A
PORTION OF YOUR MARKET - MEASURE THE RESULTS TO SEE IF YOUR INFERENCE WAS ACCURATE. IF NOT, REVISIT THE DATA AND
TRY AGAIN. THERE IS NO HARM IN A BIT OF ITERATION, PARTICULARLY IF YOUR DECISIONS ARE DATA-INFORMED.
MARKETING PLAN
A MARKETING PLAN IS A STRATEGIC ROAD MAP THAT BUSINESSES USE TO ORGANIZE, EXECUTE, AND TRACK THEIR MARKETING
STRATEGY OVER A GIVEN PERIOD. MARKETING PLANS CAN INCLUDE DIFFERENT MARKETINF STRATEGIES FOR VIROUS MARKETING
TEAMS ACROSS THE COMPANY, ALL WORKING TOWARD THE SAME BUSINESS GOALS.
THE PURPOSE OF A MARKETING PLAN IS TO WRITE DOWN STRATEGIES IN AN ORGANIZED MANNER. THIS WILL HELP KEEP YOU ON
TRACK AND MEASURE THE SUCCESS OF YOUR CAMPAIGNS.
YOUR MARKETING PLAN LAYS OUT EACH CAMPAIGN‘S MISSION, BUYER PERSONAS, BUDGET, TACTICS, AND DELIVERABLES. WITH ALL
THIS INFORMATION IN ONE PLACE, YOU’LL HAVE AN EASIER TIME STAYING ON TRACK WITH A CAMPAIGN, AND YOU CAN FIGURE OUT
WHAT WORKS AND WHAT DOESN’T.
CHARACTERISTICS OF MARKTING PLAN
1. CLEAR GOALS AND OBJECTIVES
SPECIFIC AND MEASURABLE: THE PLAN SHOULD STATE EXACTLY WHAT THE BUSINESS WANTS TO ACHIEVE, LIKE INCREASING SALES
BY 10% OR GAINING 500 NEW CUSTOMERS.
TIME-BOUND: THE GOALS SHOULD HAVE DEADLINES, SUCH AS WITHIN A QUARTER OR A YEAR, TO TRACK PROGRESS.
2. TARGET MARKET
IDENTIFY CUSTOMERS: THE PLAN DEFINES WHO THE BUSINESS WANTS TO REACH—WHETHER THEY ARE TEENAGERS, WORKING
PROFESSIONALS, OR FAMILIES, FOR EXAMPLE.
SEGMENTATION: DIVIDES THE MARKET INTO SMALLER GROUPS BASED ON AGE, LOCATION, INTERESTS, ETC., TO TAILOR MARKETING
EFFORTS EFFECTIVELY.
3. MARKET RESEARCH
UNDERSTAND THE MARKET: THE PLAN INCLUDES RESEARCH ON CUSTOMER NEEDS, COMPETITOR ACTIVITIES, AND MARKET TRENDS.
SWOT ANALYSIS: EVALUATES THE COMPANY’S STRENGTHS, WEAKNESSES, OPPORTUNITIES, AND THREATS TO MAKE INFORMED
DECISIONS.
4. POSITIONING AND BRANDING
UNIQUE SELLING POINT (USP): THE PLAN SHOULD HIGHLIGHT WHAT MAKES THE COMPANY’S PRODUCT OR SERVICE DIFFERENT AND WHY
CUSTOMERS SHOULD CHOOSE IT.
BRANDING: DEFINES HOW THE COMPANY PRESENTS ITSELF—THROUGH LOGOS, COLORS, MESSAGING, ETC.—AND HOW IT WILL CONNECT
EMOTIONALLY WITH CUSTOMERS.
5. MARKETING TACTICS
PRODUCT, PRICE, PLACE, PROMOTION (4PS): THESE ARE THE CORE ELEMENTS OF THE PLAN:
PRODUCT: WHAT IS BEING SOLD AND ITS FEATURES.
PRICE: HOW MUCH IT COSTS AND THE PRICING STRATEGY.
PLACE: WHERE IT IS SOLD (ONLINE, IN STORES, ETC.).
PROMOTION: HOW THE PRODUCT WILL BE PROMOTED (ADS, SOCIAL MEDIA, DISCOUNTS, ETC.).
6. BUDGET
SPENDING PLAN: IT DETAILS HOW MUCH MONEY WILL BE SPENT ON EACH MARKETING ACTIVITY, SUCH AS ADVERTISEMENTS, PROMOTIONS,
AND EVENTS.
RETURN ON INVESTMENT (ROI): IT OUTLINES HOW THE EFFECTIVENESS OF SPENDING WILL BE MEASURED.
7. TIMELINE AND ACTION PLAN
SCHEDULE: THE PLAN SETS DEADLINES FOR WHEN EACH MARKETING ACTIVITY WILL TAKE PLACE (E.G., A CAMPAIGN LAUNCH DATE).
STEPS TO FOLLOW: IT BREAKS DOWN TASKS AND ASSIGNS RESPONSIBILITIES TO TEAM MEMBERS.
8. EVALUATION AND CONTROL
TRACKING SUCCESS: THE PLAN OUTLINES HOW THE BUSINESS WILL TRACK ITS PROGRESS, USING KEY PERFORMANCE INDICATORS (KPIS), LIKE
SALES FIGURES OR WEBSITE TRAFFIC.
ADJUSTMENTS: IT EXPLAINS HOW CHANGES WILL BE MADE IF THINGS AREN’T GOING AS PLANNED.
9. RISK MANAGEMENT
BACKUP PLANS: THE PLAN SHOULD ADDRESS POSSIBLE RISKS, SUCH AS UNEXPECTED COMPETITION OR CHANGES IN THE ECONOMY, AND HOW
THE COMPANY WILL RESPOND.
10. CLEAR COMMUNICATION
INTERNAL ALIGNMENT: THE PLAN ENSURES THAT EVERYONE IN THE COMPANY UNDERSTANDS THE MARKETING GOALS AND WORKS TOWARDS
THEM.
CUSTOMER ENGAGEMENT: IT DETAILS HOW THE COMPANY WILL COMMUNICATE WITH CUSTOMERS AND KEEP THEM ENGAGED, WHETHER
THROUGH EMAILS, SOCIAL MEDIA, OR ADS.
STEPS IN THE PREPARATION OF MARKETING PLAN
1. CREATE AN EXECUTIVE SUMMARY: SUMMARIZE MARKETING GOALS AND
FUTURE PLANS.
2. IDENTIFY YOUR TARGET MARKET: DEFINE THE AUDIENCE YOU WANT TO
REACH.
3. RESEARCH YOUR COMPETITORS: UNDERSTAND THE COMPETITIVE
LANDSCAPE.
4. DETERMINE YOUR MARKETING GOALS: SET CLEAR OBJECTIVES.
5. ESTABLISH AND TRACK BENCHMARKS: MEASURE PROGRESS.
IN CONCLUSION, MARKET RESEARCH AND A MARKETING PLAN ARE BOTH CRUCIAL FOR A BUSINESS’S SUCCESS. MARKET
RESEARCH HELPS BUSINESSES UNDERSTAND THEIR CUSTOMERS, COMPETITORS, AND MARKET TRENDS, PROVIDING
VALUABLE INFORMATION TO MAKE SMARTER DECISIONS. A MARKETING PLAN TAKES THIS INFORMATION AND OUTLINES A
CLEAR STRATEGY FOR REACHING CUSTOMERS, SETTING GOALS, AND CHOOSING THE RIGHT MARKETING TACTICS.
BY COMBINING MARKET RESEARCH WITH A WELL-THOUGHT-OUT MARKETING PLAN, BUSINESSES CAN FOCUS THEIR
EFFORTS, USE THEIR RESOURCES WISELY, AND INCREASE THEIR CHANCES OF SUCCESS. BOTH TOOLS HELP BUSINESSES
STAY COMPETITIVE, MEET CUSTOMER NEEDS, AND ACHIEVE THEIR GOALS MORE EFFECTIVELY.
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