Current Market Position and Market Overview
Current Market Position
This information summary can be extracted from the marketing audit. Whilst some of this information is used in the SWOT analysis in the next section, it is extremely useful to have a clear understanding of the current position of your business, in terms of marketing activity. It is suggested that you use the following sub headings:
- Product - what products are you selling, what is their market position, what are their competitors.
- Place - where are you currently selling your product, how does this compare to competition.
- Price - what pricing policy do you have? Do you discount? How does this compare to competition?
- Promotion - what types of activities are you currently carrying out?
If you are running a business that provides a service, you should also consider your activities regarding:
- People - quality, recruitment, training.
- Processes - written procedures you have in place to ensure consistency of service.
- Physical Evidence - what message does the appearance of your premises or your people send out to your customers.
Your business does not operate in isolation. You are affected by your competitors. You, your competitors and your customers are affected by external influences beyond your control. This section of your plan needs to present an overview that summarises where you see your key markets and what you consider to be the key changes in those markets.
The marketing audit you carried out previously should enable you to answer the following questions:
- What are the major products and markets that are likely to be able to provide the kind of business opportunities suitable for the organisation?
How are these changing?