Review the first part of your marketing plan from last week. To be as precise as possible, understanding the company’s competition is essential. The marketing plan also includes a situational analysis. This week, write your competitive analysis to add to the plan.
Your plan should include both a situational analysis and a SWOT analysis.
Students should review the following Web site for templates and more information about how to perform a SWOT analysis: http://www.rapidbi.com/2007/11/swotanalysis/.
Students should write a situational analysis that provides a snapshot of the company’s environmental analysis that covers the following:
Include facts about current economic and cultural trends and any predictions about business success in the future.
Include information about how the company can gain a competitive advantage in the market by understanding the competition. For more information about how a company can gain and sustain a competitive advantage, visit: http://www.suite101.com/content/what-is-competitive-advantage-a59991.
Add the SWOT analysis to help determine competitors in the marketplace and to help you with additional ideas on how to position the product in the marketplace.
Add any other important information.