When discussing the subject of business marketing it is essential to lay the foundations for which you build your target market and distribution channels upon. Basic marketing analysis should be done to establish your marketing plan before implementing it in incremental phases. SWOT Analysis and the Four P’s of Marketing are essential components to establish a marketing plan with. The SWOT analysis stands for Strengths, Weaknesses, Opportunity, Threats. These marketing metrics will determine your plan of action in the marketplace and it will provide reliable information to form a business plan. The situation analysis is comprised of both internal strengths and weaknesses and external opportunities and threats. Competitive advantage is a key quality to maintain as a company because it makes you a threat to other revenue streams and a dominant force in the market. Healthy industry and competition is how the economy thrives in the US, therefore this marketing analysis is contributing toward the well-being of the US economy.
The Four P’s of marketing include price, product, place, and promotion.
Price – What are the levels of pricing? How are the prices justified through value?
Product – What is the main product and service offered by the organization? What are the features and benefits offered?
Place – Which distribution channels should the product or service be targeted?
Promotion – Does the product or service educate, persuade, and remind? How does a customer find out about the product or service?
If you have not conducted basic marketing analysis for your business, I strongly recommend that you start here and build foundations. Stay tuned for the continuation to more advanced marketing analysis practices.