Small Business Marketing Kit For Dummies, 3rd Edition

Step 2: Analyze Your Market Situation

Describe the changes, problems, and opportunities that your business currently faces. In analyzing your situation, consider the following factors:

Your customers: Are they undergoing economic or lifestyle changes that affect their buying decisions? Are they using new communication or purchasing channels that require adjustments in how you reach and serve them? Are their numbers growing or declining in your current market area? (See Chapter 2 for help defining your customers and their needs.)

Your competition: How much direct and indirect competition do you face? Are businesses entering your market arena to compete for your customers’ dollars? Are competitors making moves that threaten your business? Have competitors closed, leaving a hole that you can fill? (See Chapter 4 for help assessing your competitive situation.)

Your market environment: Do you foresee economic changes that will affect your business? What about building or road changes that may alter buying patterns or access to your business? Will your company be affected by regional or industry events that can boost business if you promote around them? If your business is weather-reliant, ...