Marketing research as an integral part of a business plan

Before starting a new project, you need to draw up a business plan. This document is fundamental to the investor. The main tasks that a business plan displays are the cost part and making a profit on investments during the period of cash investment turnover. To create a business plan, you need to conduct marketing research from the starting point of the project to its completion.

What is marketing and what is it for?

If you define the concept of "marketing" in two words - this is the collection and analysis of information on a given topic.

The concepts of “marketing” and “marketing research” in the economy mean collecting information about the market of goods and services, end consumers and their behavior, competitors and their actions, researching potential suppliers of materials and products necessary for a manufacturing enterprise.

When creating a business plan, marketing research is especially important, since the implementation of a new project is, first of all, an investment of money, which should bring dividends in a certain time period.

The capture of a certain sector of the commodity market entails a decrease in profit indicators from competitors who simply will not give up their potential end consumers. A new business project in itself implies attracting new customers. In this regard, marketing research should show which consumer sector can be involved in the release of new products.

The business plan also reflects a study of suppliers of raw materials and materials needed for a new project, the cost of this raw material.