5 Steps to Create a Marketing Plan
Step 1: situation analysis Make the situation analysis a succinct overview of the company’s strengths, weaknesses, opportunities, and threats. Strengths and weaknesses refer to characteristics that exist within the business, while opportunities and threats refer to outside factors. To determine the company’s strengths, consider the ways that its products are superior to others, or if the service is more comprehensive, for example. What do you offer that gives the business a competitive advantage? Weaknesses, on the other hand, can be anything from operating in a highly saturated market to a lack of experienced staff members. Next, describe any external opportunities that can capitalize on, such as an expanding market for the product. Don’t forget to include any external threats to the company’s ability to gain market share so that succeeding sections of the plan can detail the ways you’ll overcome those threats. Positioning the product involves two steps. First, analyzing...