Chapter 2 - Market Analysis and Business Planning

Abstract

One of the most important aspects of any successful technology is performing an effective market survey and sound business plan. Performing a marketing analysis or survey is one of the first tasks in a technology program. Market survey refers to the prelude of planning, implementation, and control of a marketing strategy. The launch of any new product must go through this process in order to be successful. Knowing the market is a prerequisite for anyone involved in the product's design. Market survey also includes personal interviews and focus groups. Personal interviews include a discussion with professionals in the field or with potential customers, whereas a focus group gives many reactions to the presentation of the concept. A study of the competition and an evaluation of the regulatory restrictions are other aspects of the market analysis that must be completed. Business planning gives an evaluation of the capacity and potential of the company. It also sets objectives that evaluates performance and represents an internal and external medium of communication. Business planning also aids in developing the marketing strategy to be carried out based on the market analysis described and on the resources and objectives of the company.