I have been exposed to the creation of research required for business plans, and the contents of the business plan usually depend on the stage of operations of the business. A new business would conduct research to understand the market and to figure out the market optimal prices based on the prices of competitors (want to know how to contact competitors to get a bit of their info???, contact us now), the economic regulations that may affect operations and other factors.
An established business may use its data to get its’ optimal price and to create a profile ofcustomers who are most likely to buy while identifying ways to improve operations from the mouths of customers.
At the end of the day, the business plan is a document used to direct your business and convince banks and investors of its likely profitability.This is where a reliable accountant comes in.Any research done should be a supplement to describing your marketing plan with the 4 P’s: best price, most efficient form of promotion based on the customer profile, the product reception and acceptability (through sensory analysis, for example, if applicable), and location accessibility (if needed).
Research should be used to assess the efficiency of your operations through analysis such as equipment efficiency analysis.The other sections of the plan can also benefit from research with employee engagement surveys and safety assessments.So show your investors you have everything covered with adequate research.
Keywords: strategy, brand, market research, customer, consumer research, business plan.