Marketing Plan
A marketing strategy is dynamic. Companies must continually monitor the marketing environment, not only to create their marketing strategy, but also to revise it if necessary. Information about various forces in the marketplace is collected, analyzed, and used as a foundation for several marketing plan decisions. The following questions will help you to understand how the information in this chapter contributes to the development of your marketing plan:
● Describe the current competitive market for your product. Can you identify the number of brands or the market share that they hold? Expand your analysis to include other products that are similar or could be substituted for yours.
● Using the business-cycle pattern, in which of the four stages is the current state of the economy? Can you identify changes in consumer buying power that would affect the sale and use of your product?
● Referring to Tables 3.2 and 3.3, do you recognize any laws or regulatory agencies that would have jurisdiction over your type of product?
● Conduct a brief technology assessment, determining the impact that technology has on your product and its sale or use.
● Discuss how your product could be affected by changes in social attitudes, demographic characteristics, or lifestyles.
