Serious Business Class 2 Overview
Objective of the class
To begin to understand what marketing is and a bit about the process of market research for your business plan. To develop list of sources to research the Market for your business. To understand how part 2 of Essentials applies to your business.
Review each of the "Key Ideas" in the section below. Start putting together a "Word" document that includes your answers to each of the questions.
Homework -- Essentials of Accounting
Read Part 2 in Essentials of Accounting. Do the review at the end of the chapter.
Bring the latest copy of your company's balance sheet. We will define and discuss the following elements
- Current Assets
- Fixed Assets
- Current Liabilities
- Long Term Liabilities
- Equity
- Write a check to buy pool chemicals
- Sell a bottle of chemicals to a customer on credit
- Borrow $25,000 from the bank that will be used to pay for a truck
- Your customer sends you a check for the chemicals
- Marketing -- What is it and Where do I start?
- Marketing is an ongoing process. It starts with a thorough understanding of your business environment, and as your business is growing it needs to be continually refined and updated to accommodate changes in the marketplace. Read More >>
- It's important to remember that the focus of marketing is people. If you're concentrating your efforts on your product or profit only, you'll miss the mark. The term target market is used because that market that group of people is the "bull's eye" at which you aim all your marketing efforts. Read More >>
- Market Segmentation is the division of a market into different homogeneous groups of consumers. A market can be segmented in different ways. Consumer and business markets are divided differently. Read More >>
- According to the American Marketing Association, marketing research is the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services. Here's a good article on what is involved Read More >>
- What kind of research is necessary for my business plan?
Prior to writing your business plan, you need to find our all you can about the Industry you are in, the segments that you address, the market geography that you serve and the size of that market. Here are some things to do:
- Define the industry your company is in...in writing
- Make a list of trade associations for the industry and their websites
- Describe each of the potential segments in the industry
- Describe the geographic boundries of your business
- Find and list the sources of information on the size of the markets -- Nationally, Regionally, and in your Geography Include answers to the the above tasks in your Serious Business Market Research document
- Specific Market Research Sources
- Managers need information in order to introduce products and services that create value in the mind of the customer. Read More >>
- You want to be sure that your business will fulfill a need for your buyers and it will do so in a way that's somehow superior to the competition. Read More >>
- Finding potential customers... Read More >>
- More ways to find potential customers... Read More >>
- US Census data Read More >>
- Writing your business plan Most of the advice you need to write a good business plan is about gathering and organizing the relevant information. But even if you have this part right, almost all business plans fail to impress because of the language and style used. Your business plan needs to be a model of clarity and easy reading so your audience can concentrate on the message. Read More >>