For phase II of your marketing plan, you will develop a Situation Analysis. The Situation Analysis follows the Executive Summary and table of contents in the marketing plan. This will be the first section of the plan. The purpose of the Situation Analysis is for the marketer to assess the situation and the market in which the company competes. The Situation Analysis contains background information on trends, competitors, market needs, target markets, and products.
The Situation Analysis is an in-depth report, as it contains numerous elements. Your Situation Analysis begins with a Market Summary, followed by a SWOT Analysis, Competitive Review, and Product Review.
Complete your Situation Analysis by providing 2 paragraphs covering each of the following areas:
- Target Markets: Provide information on your target market. Who will you be targeting and why? What are the demographics for your target market? What geographic areas are you targeting and why?
- Market Needs: What are the market needs? What unmet need will your product or service meet? How will your product benefit your customers?
- Market Trends and Growth: Are there any market trends that you will be capitalizing on? Discuss Online and Internet market trends and how you will leverage them? Has there been any growth in the market? Please provide specifics.
- SWOT Analysis: List the key product strengths, weaknesses, opportunities, and threats.
- Competitive Review: Identify key competitors, describe their position in the market, and briefly discuss their strategies.
- Product Review: Discuss the main features and benefits of your product.