Site Development

Preparing a Vision for Your Project
Developing a Marketing Plan
Developing a Proforma

Sources of Project Financing
Project Phases

Wetland Delineation & Summary Report
Environmental Site Assessments

Permit Acquisition Process
Project Delivery Systems

Data Checklist 

 
Developing a Marketing Plan

Business has been good and you need more space. You have just obtained a new large order and need additional industrial capacity. You may want to expand into another geographic area, or enter a new market. If you are a health care provider, you may be seeking to renovate your existing facilities or to add another aspect to your business such as a new medical office complex. If you are a land developer you may be considering constructing a housing development. Whatever your reason, an improvement program seems to be required.

But how do you know what size of facility to construct? How long will it take to fill this envisioned additional space? Have you envisioned too much or too little facility to meet your needs? How long will the market last that appears to be fueling your need to expand? What additional services or products will be needed to support this market? If you are planning a housing development project, what style and what size or configuration of the structure are your customers wanting to purchase?

All types of businesses need to understand the answers to these and many other questions in order to design a building program that has a chance of meeting both long and short term needs. For this reason it is highly recommended that a marketing study be completed.

Many businesses are founded because the owner has perceived a need and has figured out a way to meet that need. The market research just fell into place. But as a business grows, the business environment changes, the owner's business changes, product or service demand changes due to varying customer requirements, or the competition intensifies or diminishes. This is why market research is so important to the business owner or manager.

When you are considering constructing a new or expanded facility or a new development, it is crucial that you perform some marketing research. Why? Because in order to construct facility improvements, typically large capital expenditures will be made. In addition, these improvements will also impact your operating and maintenance costs. The aggregate of these costs may impact your business to such an extent that the debt load is sufficient to curtail your business growth, or threaten its very viability.

Market research can serve a variety of functions. We are suggesting that the type and magnitude of the research conducted should be focused on verifying the initial assumptions that form the basis of your vision to expand. It should also provide definitive data that can be used in the development of your project proforma revenue and cost projections.

There are different forms of market research that can be used.

  • Exploratory Research - defines a problem perhaps uncovering a negative customer reaction to the product, housing style or service and provides a basis to resolve the identified issue.
  • Descriptive Research - defines population or customer demographics. It assists in understanding who is buying and why. Information identified in these studies would assist in establishing and verifying production quantities, housing starts, etc. and provides a basis upon which to size your facility. This type of study is also helpful in making a new product or development decision.
  • Causal Research - shows the impact or effect on sales from a study of cause-and-effect linkages.

There are many companies that can help you complete such studies. Should you need help in contacting such companies, we invite you to contact us or sign our Guest Book. We promise that we will not "bug" you!



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