Creating an effective marketing plan typically involves the following steps:
1Conduct a SWOT analysis
Look at your own strengths, weaknesses, opportunities and threats (SWOTS):
Strengths are factors that improve your position in the marketplace. These can include skills, capabilities and proficiencies that can’t easily be copied by competitors, such as low production costs due to superior technology.
Weaknesses are factors that reduce your ability to achieve your objectives, such as unreliable delivery or outdated production tools.
Opportunities are ways your business can grow and become more profitable. These might include entering new markets or adopting new technologies.
Threats are factors that could have a negative impact on your business in your primary markets, such as labour shortages or detrimental economic/political developments.
Because your strengths and weaknesses are defined in relation to your competitive environment, as part of this step, you’ll also want to conduct a competitive analysis to gain a complete picture of where you stand in the marketplace.