How to Develop a Marketing Plan Part 2

This is a continuation of How to Develop a Marketing Plan

Welcome to part two.

Once you have gathered the information about your business and your industry, you'll start your plan from an outside perspective. Look at Strengths, Weaknesses, Opportunities and Threats to your business. This is called a SWOT analysis.

• What marketing trends are good for your business?
• What marketing trends are bad for your business?
• What is the competition doing?
• Are your current products viable? Can they succeed next to the competition?
• Are there competitive trends working to your benefit?
• Are your demographics good for business or bad?

Where do you get this information? There are a number of sources, including: 

• Government business publications
• Local business reporters
• Chambers of commerce
• Professional association
• Trade journals

There are no real right answers. Your questions might differ, but this is a good place to start. Don't worry; it will take a while to get this part of the plan done, but once you have, you will be so glad you did it. It will be a wealth of invaluable information.

That is part two. Look for part three and please let me know if you have any questions.

Penguin Suits is here to help and marketing plans are just one of our specialties. Let me know what you think and we will look forward to talking with you and visiting. See you in part three!

Debi Lamb-Burrows
Head Storyteller
Penguin Suits
www.penguinsuits.com
830.816.8238