EP2250 Small Business DevelopmentUnit 2 - Secondary Research Analysis
Define the geographic area of marketIdentify & use economic indicators
Analyze the market area’s economyEvaluate economy within market
Define the geographic area of market
The feasibility of most businesses is tied to their location.
Should be as close to customers as possible There should be enough customers
Key Steps in the Marketing Plan1 & 2 A Situational Analysis & SWOT
Asks: What is the current situation with the market or the product?
There are many internal and external sources from which to draw this information.
The SWOT analysis is a key tool to determining the answer to: What is the current situation with the market or the product?
SWOT AnalysisA Strategic planning tool used to detect key
opportunities.Analysis of key:
Internal Strengths (Within the orgs. control)Internal Weaknesses (Within the orgs. control)External Opportunities (Can be acted upon)External Threats ( Things to be watched)
From the SWOT process plans can be made to build on/improve strengths, detect and fix weaknesses, seize opportunity, and be aware of potential threats.
SWOT Analysis
SWOT Analysis
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Key Steps in the Marketing Plan3 Set Marketing Objectives
Marketing objectives must be clear, attainable and measurable targets.
Key objectives centre around Sales, Market Share and Customer satisfaction.
4 Develop a Strategy to achieve the marketing objectives.
Key strategies centre around reducing cost or increasing revenues.
Key Steps in the Marketing PlanTypical Marketing strategies in order to
increase revenues Product Development: Develop a new product for an
existing market. Market Development: Enter a new market with an
existing product. Market Penetration: Sell more of a current product to
your existing market. Diversification: Sell a new product to a new market.
Key Steps in the Marketing Plan5 Adjust the Marketing Mix to suit the
Strategy. Determine the best product, the best price, the best
promotion and the best distribution methods to meet the objectives.
6 Set the Budget Plan for the costs of implementing the strategy
7 Hire the right people for the job and assign their roles.
Key Steps in the Marketing Plan8 Control the Strategy implementation and
Evaluate the Strategies effectiveness in achieving the set objectives.Sometimes, especially if the time from
situational analysis to planning to implementation is long there will be a gap created into what is sold versus what could have been sold if the required changes (implementation) could have been made sooner. This situation is known as the Planning Gap.
Define the geographic area of market
Identify & use economic indicators
Analyze the market area’s economy
Evaluate economy within market