Include projections of significant financial measures such as annual sales, cost assumptions, working capital needs and other uses and sources of cash. Your five-year plan should also include any staffing additions or critical skill hiring needs.
Nike SWOT | SWOT Analysis of Nike | Business Strategy Hub
Your marketing plan should identify each major marketing initiative and the impact you expect it to have on your business. You should review your marketing plan on a regular monthly or quarterly basis to determine its effectiveness. Your marketing plan should be updated annually or when needed to keep it in sync with your overall Operating Plan.
Checkpoints and frequent reviews will reveal what is working and what is not. Estimate the annual cost of each significant element of your marketing plan and list them together by marketing strategy. This enables you to compare actual cost against budget and to adjust your spending priorities. Also budget and measure the profitability of each product line so you can determine which are successful and which require some type of corrective action.
When establishing marketing strategies for your company, begin with a macro-view of your business, and then develop the supporting details. Your marketing strategies should address each of the following areas as applicable :. What are your products and services? How does each product or service benefit your customers? Describe your management organization and the responsibilities of each key position. What are the factors beyond your control that you must deal with — economic, social, industry trends, technology or regulatory? What uniqueness does your company offer?
How can you differentiate yourself from your competitors?
START YOUR BUSINESS
What are your needs for capital investment in plant, property and equipment? How much cash will you need to carry inventories and extend credit? What are your other uses of fund? What are your sources of fund?
- The Treason and Death of Benedict Arnold A Play for a Greek Theatre.
- Invest in Strengths;
- Travel and Teach English in Japan!
How will you raise the funds you need? Consider market forecasts, earnings projections, break-even scenarios, pricing policy, contractual terms, cash flow and the risks associated with your business. Be knowledgeable on these issues and prepared to explain them to your investors and bankers. People constitute markets, so who are your customers? Identify the particular segments of the total market you are targeting. What are your target market's demographics — age, gender, income level, geographic bounds — and what commonality of social status, values, attitudes and beliefs do they share?
Why do your products and services appeal to the target market? Why will your products and services be preferred over those of your competitors? What is your competitive edge? How can you tailor your products and services, pricing, distribution and promotional efforts to your advantage in the market?
Are there attractive profit opportunities available? Compile detailed information on each major competitor: their strengths, weaknesses, pricing and marketing strategy. This will help you identify your opportunities as well as the threats to your business. Remember to consider companies that are not now competitors but have the potential to compete in your market.
In all of your advertising and promotion activities you must project a professional and business-like image:. Study information and data that is available in publications, libraries, from trade associations and other sources. Identify any market trends which may affect your sales or profitability. Consider the impact of economic factors, population shifts, or information that shows the financial performance of competitors. Collect statistical information and analyze it, looking for trends. Talk with others in your industry but outside the geographic range of competition and have mutually beneficial discussions to gain insights.
Shop your competition, as would a customer, to understand what they do well or what they do poorly. Copy what they do well and exploit what they do poorly. Participate in Tradeshows as an exhibitor or simply as a visitor. Tradeshows and conventions are excellent sources of information on market trends and new products.
Written proposals are common requirements in business-to-business relationships. While not common in business-to-consumer relationships, similar principles apply. The proposal you submit to a prospective client reflects your ability and expertise to do a prescribed task for a certain fee. How clearly you present your ideas may determine whether or not you get the job.
The following are items to consider:. Reference material and examples of proposal content are available at the Government and Business Department, Main Public Library, Vine Street, downtown Cincinnati, in catalog sections The categories and points described here may overlap but each represents an important consideration for your marketing mix.
What products or services will be offered? Is your location compatible with the products and services offered? Does your business depend on vehicle or foot traffic? Are your customers local and know your location? Will visitors have difficulty finding you? Does the sign in front of your business project a professional image? Do you have ample parking?
Does it have curb appeal? What is the market size for your products and services? Check sources such as the Chambers of Commerce, banks, utility companies, census bureau and others. What is the estimated sales volume necessary for a profit? Who are the potential customers? Do your products and services appeal to specific cultures, ages, or income levels? Will the needs of the available customers be met by your products and services? Are your products and service specialized for a particular market?
Are there variations in the offering? Does the segment you are targeting 1 have a need for your product, 2 have the resources to buy your product, and 3 have the willingness to spend their money to buy your product rather than spending it on something else? How much competition is there? Where is it located? Can it be overcome and still make a profit?
Can the products and services be offered at a competitive price? What markup, at what volume of unit sales is necessary to cover total costs and make a profit? Other price considerations are:. Are your initiatives directed to the needs of customers? Have you decided what types of advertising to use to promote your products and service? Have advertising and promotional costs been included in the budget?
Situation Analysis for Marketing Plans
Estimate the total market size and market price for your products and services. Check total market size against the market share needed to break-even.
Determine profitability by projecting expected sales against expenses. Use it to estimate market size and establish a reasonable price to ensure a profit. Census Bureau source of a wide variety of demographic data. Skip to main content. Marketing Plans Marketing plans contains the following seven topics: 1. Considerations should be made of: Target Customers: Analyze existing customers. In contrast, external analysis, which concerns opportunities and threats for the company, focuses on identifying external factors influencing the development of business.
Therefore, both internal and external elements play integral roles in making the success of a marketing plan or a company generally. Using a SWOT analysis is beneficial for a business in various circumstances, especially when they have to make decision on a new objective. Based on the information collected, the business owners can easily anticipate whether their plan is feasible or not, should they make some changes, or should they give up on this plan.
In other words, completing a SWOT analysis is determining step that every business should take before drown themselves in a marketing strategy. Strengths refer to all the positive contributions to the success of an organization. These contributing elements can be either tangible or intangible; however, they need to be in control of the company. There are criteria that should be taken into consideration such as human resources, capital resources, infrastructure, brand recognition, etc.
Weaknesses are considered as any factors within the organization that prevent it from achieving desired objectives. In other words, any factor that may harm the success of the company is a weakness. For example, employees can be the greatest asset of company if they are skillful, well-trained, and motivated to their job. On the contrary, workers without adequate skills and motivation will be a big hindrance for the company to reach the top position. Similar to strengths, there are some elements should be reviewed to find out weaknesses as soon as possible. Some of them are brand awareness, infrastructure, capital resources, human resources, and so on.
An outside factor , which exerts positive effects on or pays the way to the success of a business is seen as an opportunity. For example, if you are an online merchants, the outbreak of the mobile devices is a plus point for your company to grow bigger and gain more recognition from consumers.
Threats are external elements that exist as drawbacks requiring businessmen to figure out suitable ways to deals with them or adjust their plan to overcome these challenges. For example, economics crisis suddenly happens may be a difficulty for enterprises since they have to be more struggling in attract customers to consume their goods. Some threats even drive businessmen to give up their intention to achieve some goals. However, the use of 5C analysis enables enterprises to take a bigger and more detailed look to their businesses.
This method is the most effective when used to analyze the marketplace outside the company. There are five contributing factors need to be considered to create any 5C analysis which are: company, customers, competitors, collaborators, and climate.
- The Marketing Plan?
- Without a Glass?
- Meandering in a Muddled Mind.
- Calendar Mysteries #7: July Jitters.
To be more specific, company owners need to define their goals in short and long term. What position they want to have in the industry.
Besides, make an evaluation on how effectively your business achieves defined objectives. Additionally, do not forget to consider product lines within and outside the company such as how well they are manufactured and how well they are consumed and accepted by consumers. If a business can do these analysis they can easily clarify to what extend their business fits the external environment and what improvement need to be obtained in the future.
Knowing about your rivals is necessary to any company.
How to Use SWOT Analysis to Pinpoint Your B2B Marketing Strengths and Weaknesses
This analysis allows companies to figure out the potential and capability of competitors, how they may affect your company. Therefore, you can be well-prepared for any predicted situation. Typically, there are three required steps to complete competitor analysis, namely identify competitors, assess competitors, and predict their future activities in the marketplace. This analysis requires business owners to take several complicated tasks.
Related Situation Analysis on Marketing Budget
Copyright 2019 - All Right Reserved