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.
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.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.The situation analysis is not an easy section to write and can take several months of research and planning.If you take the time to do it correctly, however, it can help differentiate your product or service in the marketplace.You will obtain sufficient information on your industry from the five forces analysis to formulate long- and short-term strategies to incorporate into your business plan.A business plan for startup companies will benefit from an industry analysis that provides ownership with information to make decisions and formulate policy in certain key areas.When how to write a business plan is at the top of the SBA list of the ten steps in how to start a business, it tells you something about how important the experts consider it to be.Planning a business and writing a business plan is more than just having a location picked and a product or service to sell.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.