Build a Marketing Plan Appropriate to the Current Business Climate
The final step in your situation analysis for your business plan involves looking at how outside forces may affect your company’s success. For example, as any business that’s weathered the recent recession can attest, economic conditions can affect your customers’ abilities to purchase your product or service. Other ways that market conditions factor into your planning include the following:
Increasing labor or supply costs can impact your pricing.
New rules or regulations may require changes in how you do business.
Emerging technologies may alter how you or your competitors operate.
Social trends or shifting consumer preferences may affect purchasing decisions.
Road or building construction may affect your customers’ ease of access.
Regional or industry events or promotions can impact visibility for and interest in your offerings.
In your written business plan, include highlights of your situation analysis, touching on the following key points:
The market for your product or service, including facts about the number of prospective customers and whether that group is growing or shrinking
Market segments that provide the best opportunities for growth and why
Competitive threats and opportunities and how you plan to counter or take advantage of each
Market trends and business forces that will affect your company, along with your plans for overcoming threats and capitalizing on opportunities