Conduct Situation Analysis. At this stage, the analysis performed is SWOT analysis (streghts, weaknesses, opportunities and threats). This analysis includes opportunities and problems caused by buyer trends and situations, competitors, costs and also regulation. In addition, this analysis also includes the strengths and weaknesses of the company.
Firms that are successful in marketing invariably start with a marketing plan. Large companies have plans with hundreds of pages; small companies can get by with a half-dozen sheets. Put your marketing plan in a three-ring binder. Refer to it at least quarterly, but better yet monthly. Leave a tab for putting in monthly reports on sales/manufacturing; this will allow you to track performance as you follow the plan.