Review the first part of your marketing plan from last week, document attached. To be as precise as possible, understanding the company’s competition is essential. The marketing plan also includes a situational analysis. This week, write your competitive analysis to add to the plan. Remember that fundamental research is based upon the ability to focus on the appropriate problem and adequately defining it, not what is necessarily the surface issue. Hence, before the research can be initiated, the question needs to be identified and then the appropriate research methodology.
Your plan should include both a situational analysis and a SWOT analysis. In order to successfully conduct a SWOT Analysis, a candid and honest examination of the various components needs to be completed. After this, a thorough situational analysis can be completed.
- Students should review the following Web site for templates and more information about how to perform a SWOT analysis: http://www.mplans.com/articles/how-to-perform-a-swot-analysis/.
- Students should write a situational analysis that provides a snapshot of the company’s environmental analysis that covers the following:
- Include facts about current economic and cultural trends and any predictions about business success in the future within a specified timeframe, in this instance, next 12 months.
- Prior to examining the competition, conduct a deep dive research session into the subject company. In order to successfully conduct analysis of any kind, the researcher needs to be very familiar with their own organization first. Include information about how the company can gain a competitive advantage in the market by understanding the competition. For more information about how a company can gain and sustain a competitive advantage, visit: http://www.strategicmanagementinsight.com/topics/competitive-advantage.html Add the SWOT analysis to help determine competitors in the marketplace and to help you with additional ideas on how to position the product in the marketplace.
- Based upon the initial findings from the research, this will act as the foundation of knowledge for what type of further research needs to be conducted, what data needs to be gathered, and establishing what is going to be done with the gathered data.