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Entrepreneurial Planning — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Planning5 Marks
Question
What facts are needed for market planning?
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Answer

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

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