Situational Analysis Of A Marketing Plan Executive Summary
Starting a business is a serious undertaking that requires constant checking and analyzing trends and happenings relevant to the success of the business. This is necessary because human wants and needs are constantly changing.
To keep up with these, a business is expected to be on alert to adequately respond to these changes. As a matter of fact, a business can foresee a new trend in customer behavior way before it happens.
This is only possible when the right things are done and efforts channeled to the right ventures.
In light of the above, this article will discuss the situation analysis of a marketing plan executive summary to provide the reader with information on what it means and how to go about it.
What is a Marketing Plan Situation Analysis?
This is can be likened to a magnifying glass that can be used to view the details of an object.
For a business venture, a situation analysis is required to determine how sound a business is as well as determining how effective current strategies and efforts are. It helps to examine a business in detail to see how well each arm of the business contributes to making the whole more effective and strong.
These factors are constituted mainly internal and external factors.
In a bid to test the stability of a business to provide lasting solutions to areas needing attention, the situation analysis helps in identifying areas of weakness, strength, opportunities as well as threats confronting a business.
This is a basic need for businesses because all may seem to be going well for a business at the surface, but there may be fundamental problems which if not addressed immediately could be catastrophic to the business in the long run.
The marketing plan requires a periodic situational analysis review to help a business keep touch with reality and to also address any grey areas as well as fully taking advantage of any opportunities available.
One of the several branches of analysis revolves around the customer. You need to know how well your business is doing in meeting or satisfying customer demands and needs.
Here you get to know the buyer expectations and motivations, the market participants, demographics as well as loyalty segments.
These allow for thorough knowledge about general customer behavior as well as helping in devising new ways to meet expectations if the business does not measure up as well as taking decisions to generally improve customer experience and fostering loyalty by building trust.
Under market analysis, concerted efforts are made towards finding or discovering the current state of the market as it relates to market size, market segmentation, market trends, identifying your competition, knowing the weaknesses and strengths of your competition, analyzing industry structure and strategic groupings, as well as having a general market definition.
This is targeted at giving you the current picture of things as well as revealing where your business stands in the scheme of things. If there are successes or failures, this analysis brings them out plainly.
Broad Base Assessment
Under the broad-based assessment framework, more general factors are examined to find out how exactly they impact the business.
These include the supply chain, socio-cultural factors, the economy, the legal framework for doing business, ecological, governmental as well as technological contributions to the stability of the business.
These are crucial factors that cannot be wished away as they are used to gauge the performance of the business.
This assessment is a necessary step if you really want your business to grow. After the assessment, the results obtained are applied to ensure maximum productivity.
This has to do with a business examining itself.
Here, all company resources undergo this process to find out how effective past efforts have contributed to its stability and productivity.
Hence, skills, time, people, and financial resources are placed under the radar. This is an effective way of channeling efforts to where they are most needed.
By streamlining all business activities, it enables a business to become more result-oriented. By so doing, every effort made is targeted towards achieving a specific end.
The marketing plan executive summary situation analysis is a vital analysis done towards ascertaining the current state of a business.
Without this analysis, a business will hardly know where it is going wrong, thereby making it impossible to function optimally. There is a standard template through which all of the analysis is conducted. These apply to any type of business and are very efficient in fishing out the problem before it gets any worse.
As mentioned earlier, A business may seem okay at the surface but this may not be the case.
Carrying out a situation analysis provides for a detailed and comprehensive examination of every aspect of the business to find out grey areas that need to be addressed, as well as take full advantage of opportunities presented.
This is a catalyst for growth as it eliminates any obstacles that may stand in the way of achieving your desired goals.
A business is never perfect or too good for a situation analysis. You should do this periodically to increase your chances of success.