Current Target Markets
Define the business’s current target markets. Describe the demographic, geographic region, psychographics, and product usage of these targets.
Current Marketing Tactics
Review their current marketing tactics. Summarize how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your selected business is a start-up, describe their competitors’ current marketing.
SWOT Analysis
Assess your selected business’s strengths, weaknesses, opportunities, and threats. Then, evaluate how to address these in your marketing plan.
Strengths
Assess your selected business’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers.
Weaknesses
Assess what limits the selected business may have in its current marketing strategy. Consider if the business has a weakness that needs to be addressed through public relations or marketing.
Opportunities
Assess the opportunities you see based on trends or environmental conditions.
Threats
Assess the threats or limitations that may interfere with the business’s ability to meet its objectives or interfere with marketing plans.
Converting Weaknesses and Threats to Strengths & Converting Strengths to Opportunities
Convert weaknesses and threats to strengths; then, convert strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets.