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Marketing plans adapted to an existing business
A marketing plan for an existing business includes several points that do not apply to a new venture. In an existing business we make use of its recent history of the past 6-12 months in order to better analyze the current situation as a base of knowledge in order to formulate
the marketing strategy and objectives for the upcoming year.
In an existing business we can collect valuable information: The businesses representing our actual competition, the market segments that seem most relevant to our offer and the relative importance we have allocated to the elements that make up the marketing-mix. Furthermore, we can generate crucial know-how by conducting a full SWOT analysis and initiating the creation of perceptual maps in order to make wise decisions based on positioning.
In an existing business we take advantage of such a recent history in order to better translate this data into well established marketing plan strategy and objectives for the upcoming year, all in order to increase sales.
In a new venture with no marketing background of its own, the analysis that serves as a benchmark is more limited and is gathered in different ways.
Do you want to start writing a marketing plan for your existing business?
Feel you need an introduction to managing a business?
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