You must write the following in 3-4 pages for the second part of your marketing plan:
Conduct a market analysis on your company. (Note: the geographical location you choose in Module 1 SLP will shape this area.) To effectively supply information for this section of your marketing plan, you will need to conduct research in that area.)
Examine whether the industry in your chosen geographical area is expanding, maturing, or contracting:
If it is deteriorating, identify the issues and be able to change the ones you can. Demonstrate your ability to adapt to changes over which you have no control.
If your industry is maturing, demonstrate how you, as a new company, may be able to adapt to external forces better than the more mature competition.
Differentiate yourself from new competitors if your organization is in a newly emerging and growing market (the best case scenario). Show how you intend to become a major market share holder by incorporating a new approach to the marketplace and utilizing cutting-edge technology.
Recognize the problems and challenges of the market you’re entering. Make use of your analysis to develop a strategy that will put you ahead of your competitors.
Your attention should also be drawn to the local scene, as local markets may or may not follow larger industry trends for a variety of reasons. Compare the local situation to national and provincial averages; sales trends; and the estimated total market that local businesses can reach.
Conduct an environmental audit on your company.
Investigate the environment in which the organization will operate. Unemployment, layoffs, a recession, high interest rates, or decreased consumer activity are just a few examples.
Legal and political
Explain any past or current political consequences for your organization.
Determine which regulations and laws you must follow in order to run your business.
Explain which aspects of social or cultural marketing should be supported (i.e., larger populations of Spanish-speaking residents; therefore there will be a need for Spanish advertisements).
Conduct a Consumer Analysis on your company.
Identify your target market and explain how your company will meet the consumer’s needs better than the competition. Services will differ between competitors due to varying demands.
Determine the market segment (segmentation) that will benefit from your services and area of expertise, as well as your sales approach.