Step 1 Marketing Planning |
Step one is to gather information in order to do a market analysis. This will determine the attractiveness of a market and a key understanding of the opportunities and threats as they relate to the strengths and weakness of the client company. The information should be gathered from a variety of internal and external, primary and secondary sources, however, if there is not the budget / time etc to conduct a complete market analysis the information can be gathered from the client as part of the management interview and completion of the PIF.
Market Analysis consists of information gathering for the following:
- Market Size (current and future)
- Market growth rate
- Market profitability
- Industry cost structure
- Distribution channels
- Market trends
- Key success factors
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