Here is an old article I wrote for about.com
Much of this is very relevant today and will help people to understand what needs to be looked at when planning any new project or undertaking….
Elements in the Situational Analysis
From Alex Margarit
The elements worth considering include:
- Product Situation – What is my current product? You may want to break this definition up into parts such as the core product and any secondary or supporting services or products that also make up what you sell. It is important to observe this in terms of its different parts in order to be able to relate this back to core client needs. Feel free to also discuss here which of your client’s needs your product is meeting.
- Competitive situation – Analyze your main competitors – who are they what are they up to – how do they compare – feature/ benefit analysis. What are their competitive advantages?
- Distribution Situation – Review your distribution Situation – how are you getting your product to market? Do you need to go through distributors or other intermediaries?
- Environmental factors – What external and internal environmental factors are there that need to be taken into account. This can include economic or sociological factors that impact on your performance.
- Opportunity and issue analysis – Which requires a SWOT analysis (Strengths, Weaknesses, Opportunity and Threats). Things to write down here are what current opportunities that are available in the market, the main threats that business is facing and may face in the future, the strengths that the business can rely on and any weaknesses that may effect the business performance.
I know for most of you marketing gurus this may be simple knowledge however it is important to realise that sometimes even the smartest forget the core fundamentals.