Hello and welcome back! Now that we have went over the preliminary details of marketing planning and developing a marketing plan, now let’s get down to the nitty gritty.
This week’s topic will focus solely on the 1st step to developing a marketing plan: “Analyzing the Current Market Situation.” Before you can understand where you need to invest your marketing resources, you must, I repeat MUST understand your current market situation. Studying the environmental trends to stay aware of any political, economic, social-cultural, technological or ecological changes in advance, will help you avoid negative consequences of marketing decisions later. Completing this process thoroughly, sets the foundation for a marketing plan that provides value to your stakeholders and makes a difference to your community.
To analyze your market for planning purposes, consider these factors:
Internal Factors-What are the internal factors within the organization, that could potentially positively or negatively affect the marketing plan and subsequently the organization?
- Mission of the Organization
- Human, Financial and Informational Resources
- Product or Service Offering(s)
- Previous Results (Sales and Marketing)
- Business Relationships (Suppliers, Customers, Strategic Partners)
- Key Success Factors
External Factors- What are the external factors outside the organization, that could potentially positively or negatively affect the marketing plan and subsequently the organization?
- Political-Legal Trends
- Economic Trends (Remember the 2008 Recession)
- Social-Cultural Trends (I-phone user vs. Galaxy user)
- Technological Trends (Mobile Ready Websites vs HTML)
- Ecological Trends
- Competitive Trends (What is my Competitors doing)
- Industry Success Factors (What are the Key Success Factors for the Industry I am in)
- Who are my competitors?
- What are my competitor’s Key Success Factors?
- What is my competitor’s market share, objectives, resources, and strengths and weaknesses?
Armed with this information, you will find out pertinent information about your current situation, this will help you either prepare or refine your SWOT, which we will discuss in detail next week! Again, thank you for returning this week, I hope that this information is helpful to you as you revise your marketing plan for 2014 and beyond. Please feel free to comment for suggestions or share with others!