Situation Analysis in Marketing Plans
Doing situation analysis in marketing plans is crucial in determining your success rate and progress. This can be very troublesome if you dont know the important details and factors youll need. With that being said, what are the important details needed in doing situation analysis of your marketing plans?
About situation analysis
Before going deep into the subject matter, a brief explanation on situation analysis is imperative. Basically, situation analysis is the key component of your marketing plans. It contains a detailed examination of every factor that would influence your business. Furthermore, this cant be done in one sitting alone. Meaning, you have to explore your resources, take time to observe the current trends and evaluate your current status. It is typical for this type of research to go on for months. Aside from that, youll also need someone who can brainstorm concepts with you.
Parts of marketing plan situation analysis
- Business plan The first section of your situation analysis is in regard to your companys goals and aims. A brief company, product and budget descriptions are also included.
- Target market Next section of your analysis must centralize on your consumers. Who are your target consumers? This would depend on the type of product or service youre offering. Included in this section are the current trends. Knowing consumer demands would greatly aid in your analysis.
- Collaborators Another section of your situation analysis is a detailed review of your partners, associates, distributors and other types of joint ventures. A detailed management plan in regards to your collaborators would simplify transaction processes once your business opens.
- Competitors – Competition in the business industry is nothing but old news. The trick to establish your business as a distinct entity is to come up with a fresh concept. You have to be able to weigh your status in comparison to your competitors and think of a suitable marketing strategy.
Factors to consider when doing situation analysis
In doing the part per part analysis mentioned above, you have to apply these factors. These would allow you to elaborate and expound further details concerning you business or marketing plan.
- Strengths Your positive attributes would allow you to concentrate your plans and strategies on your strengths. In listing your strengths, be honest on your observations and remarks. Only through honesty would you be able to completely assess you current status.
- Weaknesses Like your strengths, you also have to list your disadvantages and weak points. This would create boundaries in your ventures. Remember that with boundaries, any risky moves can be contemplated beforehand. Thus, allowing you to establish back-up plans.
- Opportunities Every business opportunities opens once in a while. It is a matter of determining when and taking the step to grab it. Determining possible opportunities would greatly affect the progress of your business status.
- Threats Most threats would most likely concern your competitors strategies. However, there are instances that threats are within dishonesty inside the company itself. Thus, being vigilant in determining threats and analyzing future disputes would be a plus point in your marketing plans.
That completes all necessary details concerning situation analysis in marketing plans youll need in establishing a well structured marketing plan.