The key to creating an effective marketing plan is the ability to analyze the environment in which the product or service will be offered. Two tools used for this environmental analysis are the SWOT Analysis and Competitor analysis. In the SWOT analysis, the strengths and weaknesses represent the internal factors while the opportunities and threats reflect the external environment. The competitor analysis identifies major competitors in the field and their competitive advantages.
Note: Your SWOT Analysis Matrix will become Appendix 1 of your Marketing Plan, and your Competitor Analysis Matrix will become Appendix 2 of your Marketing Plan.
Create a SWOT Analysis Matrix, including two to three factors followed by supporting evidence.
Create a Competitor Analysis Matrix, identifying two to three factors followed by supporting evidence.