Marketing Planning and Analysis
A marketing plan is often an essential part of an overall business plan. It analyzes the current market, details the actions required to achieve an organization's marketing objectives, and is based upon a well-defined marketing strategy.
A successful marketing strategy provides:
- A guiding philosophy
- The marketing concept
- Direction for strategic planners
Before beginning a new business or launching a new product, conducting a marketing analysis is essential - it can determine the success of your endeavor by assessing if there is a need or audience for the service or product you hoped to provide.
A market analysis can also be used to advise an already-established organization's planning activities and for forecasting future market trends.
This data is used to:
- Assess existing markets and products
- Identify new markets
- Decide if diversification is right for you