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Market Analysis vs Marketing Plan: Understanding the Difference

Learn the distinction between market analysis and marketing plan, including their objectives and components such as product positioning, price, placement, promotion, sales process, partnerships, customers, competition, competitive advantage, critical success factors, critical risks, and potential sales/market share.

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Market Analysis vs Marketing Plan: Understanding the Difference

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  1. Your Market Analysis and Marketing Plan

  2. What’s the Difference? Market AnalysisDescribes Targets (Who & Why) Marketing PlanDescribes Tactics (How) Product Positioning Price Placement Promotion Sales Process Partnerships • Customers • Competition • Competitive Advantage • Critical Success Factors • Critical Risks • Potential Sales/Market Share

  3. Why Segment the Market? • All firms have limited resources. They can’t be all things to all people. They must decide where to focus their limited time, money and human capital so that they yield the greatest return. • That means identifying “right-sized” pieces of the market to go after.

  4. What Makes a Market Segment Promising? • Measurable: possible to determine size • Significant: large enough to be profitable • Recognizable: distinct enough so that you can identify its members • Compatible: with your venture’s mission, strengths, ability

  5. Ways to Target the Market • Geographic • local, regional, national, international • Demographic • B2C: gender, age, income, education, ethnicity • B2B: revenues, # employees, industry • Psychographic • values, lifestyles, hobbies • Behavioral • benefits sought, usage rate

  6. Tips for Identifying Market Segments • Secondary Research • Databases & Reports • Newspapers & Magazines • Trade publications and Trade shows • Ask • Industry players • Potential customers • Suppliers • Observe

  7. THIS IS ONLY A PARTIAL VIEW OF THE DOCUMENT.

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