In Business Plan Milestone Five: Marketing Research and Evaluation, you will submit Milestone Five. The format should be:
- A document in which you present evidence that a market exists for your business (photography). In other words, you must convince investors that a large enough market exists for your product or service and that your business can be competitive in that market.
- Identify the target market of your business and state the size in dollars and units.
- How will you remain competitive?
- How will customers’ needs be assessed over time?
- Who are the main competitors of your business, and
- what are their strengths and weaknesses?
- What percentage of market share do the competitors have, and what percentage can you expect to get?
- Address pricing policy and how the business’s prices will penetrate the market, maintain its market position, and allow the business to earn a profit.
- Address promotion strategy, distribution strategy, and service policies.