INFORMATION ANALYSIS
The type and depth of information that is assembled is all verified when supported by references to sources, copies of reports, tables and published surveys.
The information is normally sufficient to provide information to develop a market strategy and to design a marketing plan. It must address five of the key elements in a market strategy:
1. What customer-specific need served by the product, in detail as to numbers, location, etc. Selection of tight niche to be served.
2. What product features will best satisfy those selected niche needs.
3. What price range is best.
4. What location for retailing, for manufacturing.
5. What promotions, advertising is best to stimulate sales.
Answers to these questions are than analyzed in the context of the macroenvironment the new venture will work in. This larger domain will have a serious effect on the results of the entrepreneur ‘ s market and will be a detriment to developing the forecast from which a final evaluation is made.