Module 3: Discussion Forum

Module 3: Discussion Forum

Industry analysis and marketing research are essential to a marketing plan. The quick story on Page I of the module content tells the tale of a young man interested in opening a coffee shop. It is clear that he has not done enough research regarding his competition. How would you research the competition? What other market research would you conduct to develop a marketing strategy? How would you use the information obtained to develop a marketing plan?

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Marketing Plan

            Competition research is necessary as it helps in the determination of the strategies that one should apply in making sure that there are growth and sustenance of the business in the market. The monitoring of competition is through the identification of the products offered on the market, and this means that there is the management of the customers in the market. Research on competition involves looking at the reports of the competitors in the environment, and this could be through getting the reports of the industry and evaluating the potential of the ………….

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