This marketing plan will also enhance your understanding of the opportunity analysis through critical aspects such as forecasting the market knowledge, segmentation, targeting, differentiation and positioning.
1. Select a product or service or business idea that interests you the most. Identify the relevance of the mission, SMART objectives and hierarchy of strategies of the business.
2. Define the industry in which your business will compete by assessing the industry’s five competitive forces and highlight the appropriate conditions for the strategic fit of prospector/analyser/defender/reactor strategies.
3. Discuss the market and industry attractiveness through macro and micro level analyses in order to address the strategic challenges of the business under consideration.
4. Briefly discuss the relevance of the marketing research for the strategic decision-making of the business and identify the influence of product, pricing, distribution and promotion policies on marketing decisions.
5. Describe the significance of the overall segmentation, targeting, differentiation and positioning strategies for the business.
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