What facts are needed for market planning? - Vidyadip

Question

What facts are needed for market planning?

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Answer

Following facts are needed for market planning:

Users: Who are the users, where are they located, how much do they buy, from whom do they buy, and why?
Promotion: How have promotion and advertising been employed and which approach has been most effective?
Pricing changes: What are the pricing changes in the market, who has initiated these changes and why
Market attitude: What are the market's attitudes concerning competitive products?
Channels of distribution: What channels of distribution supply consumers, and how do they function
Competitors: Who are the competitors where are they located, and what advantages/ disadvantages do they have?
Marketing technique: What marketing techniques are used by the most successful competitors? By the least successful?
Objectives of the firm: What are the overall objectives of the company for the next year and five years hence?
Strengths and weaknesses: What are the company's strengths) weaknesses?
Production capabilities: What are one's production capabilities by product?

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