• The Business plan
• Marketing and Sales Planning
  • Marketing Strategy
  • Lincolnshire Research Observatory
  • Marketing Plan
    • Analysis for your marketing plan
    • The Four and Seven Ps
    • Developing a Pricing Strategy
    • What else should be in the marketing plan?
  • Forecasting and planning your Sales
    • New Businesses
    • Creating a sales plan
  • Selling and Advertising
    • Advertising
    • Direct Marketing
    • Trade Shows and Exhibitions
  • Selling to the Public Sector
  • Looking after your Customer
    • Use customer care to increase sales
    • How to deal with customer complaints
  • Marketing Articles
    • Does your sales approach close more doors than it opens?
    • How do I determine my marketing budget?
    • Making an exhibition of yourself
    • Marketing in the credit crunch
    • Why might your competitors be doing better than you?
• Financial Planning
• Complying with the law
• Employing for the first time
• Business Rates
• Support Schemes
• Young Traders
• Top Tips

Analysis for your marketing plan

Having identified your product or service, and who you want to it sell to, it is important to be aware of any factors that might impact on the success of your business, both postively and negatively; opportunities and threats.  These are things that are outside of your control such as legal changes, technological changes and social changes.

For example:

• Is demand for your product or service growing or shrinking?
• How could customer requirements and buying behaviour change in the future?
• What new products are in your competitor's pipeline - could they make yours look outdated?
• How competitors are changing - what are their plans?
• What do competitors offer and what prices do they charge?
• How do your competitors advertise and promote themselves?
• Is there any forthcoming legislation which could affect your market?

It is also useful to consider your own strengths and weaknesses, things that you do have control over. Enthusiastic employees are likely to be a strength to your business. Limited financial resources may be a weakness. What are your strengths?  Can you make more of your strengths and reduce your weaknesses?

This sort of analysis, often referred to as a SWOT analysis, is critical to the ongoing success of your business.