Marketing Plan Success, Version 5.0
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Analyzing Your Target Market
By Grafton Milne
Marketing Plan Success
A Market Analysis is used in a marketing plan to understand details about your target market that are essential to developing a marketing strategy that speaks to this market. As you write your marketing plan (hopefully with Marketing Plan Success!) you will see the great advantage that you have over other companies because you have a "leg up" in the market. Here are a few things to always remember when performing a Market Analysis:
- Market size (current and future)
- Market profitability
- Market growth rate
- Distribution channels
- Market trends
- Industry cost structure
- Key success factors
Conducting a Market Analysis is the first step in writing your marketing plan for both new products and existing products because it helps you understand your target market's needs and how they are currently being serviced in the market. Developing your marketing plan with templates like Marketing Plan Success will help you conduct your analysis much quicker.
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How Marketing Plan Success can help:
Marketing Plan Success takes the busy work out of analyzing your market and lets you get started on the in-depth research and analysis right away. Forget about outlining what information you need to find – we’ve done that work for you! All you need to do is fill-in-the-blanks with the demographics, geographics, psychographics, and behaviors of your target market. Our marketing plan template will also outline the information to gather for analyzing your market needs and market trends and growth.
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