Marketing Plan – Changes In The Market

Marketing Plan – Changes In The Market. You want to particularly focus on any major trends, or any minor trends that may possibly affect your business, however remotely.

 

Give particular attention to emerging new markets, shifts in the nature of competition, consolidation of industry competitors or customers or suppliers, demographic shifts in markets, and the emergence of product substitutes.

 

A quick glimpse through recent trade industry publication headlines or search of recent market news stories on the web, will quickly provide you basic information on changes in the industry. Identifying underlying trends and implications may take more work.

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A careful analysis of changes in the market can potentially be very important for formulating other parts of your business plan and Marketing Plan such evaluating opportunities, examining possible risks, analyzing competitors, weighing your competitive strengths, determining strategy, positioning products or services, and even determining marketing plans.