The situational analysis is designed to take a snapshot of where things stand at the time the plan is presented. It covers much of the same ground covered in the Preparing a Market Study Tutorial, so those preparing a Marketing Plan should check this out as well.
This part of the Marketing Plan is extremely important and quite time consuming. For many, finding the metrics needed in this section may be difficult, especially for those entering new markets. Anyone in need of numbers should look at the Data Collection: Low-Cost Secondary Research Tutorial, which may offer ideas for finding inexpensive research which a Marketing Plan may need. For those who can afford to spend to locate marketing metrics, the Data Collection: High-Cost Secondary Research Tutorial will also be of value.
The situational analysis covers the following key areas:
- Current Product(s)
- Current Target Market(s)
- Current Distributor Network(s)
- Current Competitor(s)
- Current Financial Condition
- External Forces