Unit 2 Venture Plan Summative
Market Analysis & Marketing Plan
Market Analysis is a very crucial part of your venture plan. You will be using your knowledge obtain through class to help create a successful venture. In this section you will be expected to complete the following:
- Primary Research – You will need to create a survey and conduct the
survey to help support your venture Part A & B
- Secondary Research – Part A & C
- Identify your Target Market – Part A & B
- Complete a Competitive Analysis – Part D
- Identify your expected Market Share – Part E
- SWOT Analysis – Part F
1. Using data supplied by Statistics Canada (www.statscan.ca) or other sources,
determine the following about your market segments:
d. Family characteristics
NOTE: try and use the most up to date information.
2. Create and conduct a Marketing Research Survey – 10 –15 questions include:
Psychographics – Consumer buying habits
3. Choose the segment(s) whose needs your product or service is most likely to meet and develop a profile of this segment. THIS IS YOUR TARGET MARKET.
Research the types of products or services your target market customers are likely to buy and explain how this relates to your venture. This is where you use research to prove what your customers want and what your customers need.
For example: if you’re opening a restaurant your
research might include:
? How often people eat out
? What types of foods are popular today
? Why people go to restaurants
? What your customers want in a restaurant
? What your customers need in a restaurant
Conduct research to find out trends that suggest that this is the right time to
introduce your product or service.
For example: if research shows that a major trend is that people are eating
healthier, opening yet another fast food restaurant may not be successful.
Helpful Websites for Marketing Research
Canadian Fitness and Lifestyle Institute
Marketing to the Masses
Statistics Canada Business Data
A list of links to numerous companies
Canada Business Magazine
Canadian Market Statistics
Canadian Market Research Sources
Conduct research to find out who your competitors are. Competitors can be divided into two groups:
Direct Competition: Businesses that offer the same products or services
For example: Harveys is a direct competitor with McDonalds– they both
offer the same types of food for roughly the same price that is prepared quickly
Indirect Competition: Businesses that offer similar products or services
Subway is an indirect competitor of McDonalds-Subway offers subs not burgers and fries however their subs are prepared quickly and are in the same price range as the food at McDonalds.
From your research, you should be able to describe:
; The name and location of your competitors
; How long they have been in business
; The products and services they offer
; The prices they charge