Market Planning Summary

After completing a detailed set of analyses related to the farm retail market, consider this question: "Is the project feasible?" This leads to other, more specific questions. Can the job be done physically and technologically? Does an adequate market exist? Can necessary products be grown or purchased? Are the proper facilities available to get the job done?

Will the management and employees be able to handle the product, merchandise the items to be sold, price products, and provide adequate levels of customer service? Does a market "niche" exist? Has the proper level of value-added been considered? Does an adequate labor pool exist?

The second part of a project's feasibility deals with the economic considerations. Will the farm retail market pay? Are the budgets, financial statements and cash flow projections completed? Have the proper analytical tools been used in the planning process?

The potential farm market operator must be satisfied with the analysis before deciding to establish a new market or to improve an existing one. The New Farm Market case study, given in Appendix A, illustrates what is involved in a marketing plan. Click on the following links to access the financial statements that complete the case.

Table1. The New Farm Market: Operating Statement

Table2. The New Farm Market: Balance Sheet

Table3. The New Farm Market: Cash Flow Projection

Table4. The New Farm Market: Sample Pro Forma Statement

Table5. Enterprise Budget / Break Even Analysis: Cash or Out-of-Pocket Costs

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