Market Analysis and Planning

Define your market: Understand the type of customers you are targeting, their specific needs, and interests. This includes details about their age, gender, location, and lifestyle.
Look at market size: Determine the current size of the market, including how many potential customers exist and how much they might spend.
Identify market trends: Spot the current and upcoming trends in your market that can influence demand for your product or service.

Strengths: Identify your business’s specific strengths, such as a strong brand name, unique technology, or efficient processes.
Weaknesses: Be aware of internal weaknesses that may impact your business’s success, such as limited funding, lack of expertise, or a narrow product range.
Opportunities: Understand opportunities that exist in the market environment, like gaps in the market, new technologies, or changes in regulation.
Threats: Recognise potential threats such as economic uncertainty, competitors’ activities, or changes in consumer behaviour.

Identify competitors: List your direct and indirect competitors and understand their business structure, strategies, and products or services.
Analyse competitors’ strengths and weaknesses: Use this to inform your own business strategies and utilise it as a competitive advantage.
Track competitors’ activities: Be aware of their marketing strategies, pricing, and customer feedback.

Set objectives: Define what you aim to achieve with your marketing efforts, like increasing brand awareness or improving product sales.
Develop marketing strategies: Plan your tactics for achieving your objectives, by considering the 4Ps - Product, Price, Place, and Promotion.
Create marketing budget: Allocate financial resources for your different marketing activities.
Measure performance: Use tools and metrics to assess the effectiveness of your marketing efforts and adjust your plan as needed.