Good marketing and its management is built on collecting information, forecasting demand, and getting feedback. Some of your best research may be informal; your peers may be part of your target market and/or may be able to provide valuable resources or feedback for your marketing plan. Based on the small business you selected last week for your marketing plan:
1. State the business and outline your potential customer base (target market), and how you will go about forecasting demand.
2. Determine what research you will need to conduct to assure that your marketing strategy is based on appropriate market segments. Search the Internet and provide an example of a marketing intelligence resource related to your marketing plan; how can it be valuable to your marketing plan?
3. Identify the major forces in the demographic, economic, sociocultural, natural, technological, and political-legal environment, and discuss how each one will impact your marketing strategy.
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