Finally, include any knowledge you have about your target customers' market behaviors, such as their usage rates of your product, loyalty trends and attitude toward your product or service.
Next, your situational analysis should include a section that describes the key collaborators for your business.
A competitive analysis is an important part of your marketing plan.
It can provide key insights into growth opportunities for your company.
Financing, marketing strategy and future growth all require a well-researched and thought out business plan.
There are many articles and resources available on the Internet explaining how to write a business plan, but writing a business plan is more than merely following a business plan template or copying someone’s business plan examples.It provides information from which a business owner can create a long-term strategy to minimize risks and take advantage of growth opportunities.Porter of Harvard University has become the most frequently used method for analyzing any industry in order to create a strategy to compete within it.First, describe the demographic characteristics of your target customers.Demographic characteristics are things like age, education level, nationality, and occupation of your target customers.Describe any subsidiary, joint venture or partnership strategies you have in place.Then outline your distribution strategy, which defines how you get your products to market.According to Porter, there are five forces that influence all markets and industries.The five forces are: Porter believed that an analysis of the five forces that exist in every industry could help forecast a company’s ability to compete and remain profitable.Before you can begin writing your business planning roadmap, you need reliable information about your industry, your competitors, your product and your customers for inclusion in it.An industry analysis, competitor analysis, product feature comparison and market research will give you the information you need.