Key Questions to Answer:
Once complete with identifying your new product for a new market along with addressing the outlined questions, continue by identifying and assessing marketing opportunities.
Identifying and Assessing Marketing Opportunities
2.0 SITUATION ANALYSIS
Write a 1-paragraph summary of the current situation – write this section after completing the following sections of the Situation Analysis, but put it in this order.
2.1 Market Summary
(Write this section after completing 2.1.1, 2.1.2, 2.1.3, 2.1.4, and 2.2)
In a 1–2 paragraph summary, address:
2.1.1 Market Demographics (refer to Chapter 8 of your Kotler text for helpful definitions/explanations).
2.1.2 Market Needs
2.1.3 Market Trends
2.1.4 Market Growth
2.2 SWOT Analysis (refer to Chapter 2 of your Kotler text for a thorough explanation of a SWOT analysis)
2.2.1 Strengths: List and describe at least three positive internal aspects that add value.
2.2.2 Weaknesses: List and describe at least three negative internal aspects that place you at competitive disadvantage.
2.2.3 Opportunities: List and describe at least three opportunities external to your business that will lead to your success.
2.2.4 Threats: List and describe at least three threats external to your business that will threaten your success (Note: It is common to include unexpected acts of nature, government and regulatory concerns, and competition in this section of the SWOT).
2.4 Product Offering
2.5 Keys to Success
2.6 Critical Issues