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  • 1. Business Planning & Market Research on the Internet

2. On Business Plans

  • Strategic planning is the most important task for a manager!
  • Plan need not be written
  • May be required by lenders or other funding agencies
  • The process can benefit from internet use!

3. The Planning Process

  • Think About Taking a Journey
  • Why are you going? Mission
  • Where do you start? Situation Analysis
  • Where are you going? Objectives & Goals
  • How will you get there? - Strategies

4. The Planning Process

  • Defining Your Mission
  • Think about why you are in business
  • This reflects your values
  • Reflected in a mission statement
  • Use the internet to find example mission statements

5. The Planning Process

  • Situation Analysis
  • Includes systematic analyses of:
    • Industry
    • Competition
    • Target markets
    • Economy
    • SWOT

6. The Planning Process

  • Situation Analysis
  • SWOT Analysis:
  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

Internal Factors External Factors 7. The Planning Process

  • Objectives & Goals
  • Goals generalstatements aboutlong-termtargets
  • Objectives specificstatements aboutshort-termtargetswith timeframe

8. The Planning Process

  • Objectives & Goals
  • Example Goal To increase profits
  • Supporting Objectives
  • To sell 20% more in 2007 versus 2006
  • To cut cost of production by 15% by December 31
  • To develop website by April 30

9. The Planning Process

  • Strategies
  • Strategies indicate how to achieve the goals and objectives
  • As shown earlier, the internet presents one of many strategies to reach goals
  • Monitor strategies along the way using milestones

10. The Planning Process

  • Strategies
  • Possible milestones for internet strategies:
    • Hits
    • Contacts generated
    • New clients generated
    • Sales generated (Encourage people to tell you they found you on the web)

11. Market Research

  • Industry Analysis
  • Need to know:
    • Industry size
    • How it has changed
    • How it may change
    • The primary suppliers and buyers
    • Its future viability

12. Market Research

  • Industry Analysis
  • Before searching:
    • Assess what you already know
    • Assess what you need to know
    • Think about where to find information

13. Market Research

  • Industry Analysis
  • Possible Internet Sources:
    • Professional associations websites
    • Government websites
    • University websites
    • Agricultural Marketing Resource Center ( www.agmrc.org )
    • Others

14. Market Research

  • Market Analysis
  • Need to know:
    • Who and where customers are
    • What products customers want
    • What they value
    • Customers purchasing behavior
    • How customers receive marketing messages

15. Market Research

  • Market Analysis
  • What to do with this information:
    • Develop market segments
    • Develop strategies to reach segments
      • Website information
      • On-line catalog
      • On-line shopping cart
      • Email notes & newsletter

16. Market Research

  • Competitive Analysis
  • Need to know:
    • Who competitors are
    • How big they are
    • How they have grown
    • What resources they have
    • What segments they target

17. Market Research

  • Competitive Analysis
  • May be able to find information on competitors online
  • May want to buy from them online or in person

18. Market Research

  • Economic Environment Analysis
  • Need to know general economic conditions:
    • Inflation
    • Unemployment
    • Growth of economy
  • Local newspapers and websites provide this

19. Market Research

  • SWOT Analysis
  • Complete this based upon what you now know about your company (strengths and weaknesses) and the outside environment (opportunities and threats).

20. Market Research

  • SWOT Analysis
  • Build on your strengths
  • Address your weaknesses
  • Pursue opportunities
  • Avoid threats

21. Section Wrap-Up

  • Business planning is most important function of management
  • The internet can help to assess the situation industry, competition, economic environment
  • This is where your internet research skills can come in handy
  • Some research is possible by talking to people