6 Factors that Affect Your Marketing Plan
Before you begin developing a new marketing plan, consider how each of these external forces influences your choice of marketing direction and media.
- Demographics—How will the composition of your market change and what opportunities or hurdles will this create? How will population and housing demand evolve?
- Current and projected economic conditions—How will inflation, employment, taxes, and other economic factors effect supply, demand, and pricing?
- Size, growth potential, and prosperity of the market—Will the size of your market continue to support current business and/or allow the opportunity for business growth? What are the growth options for housing availability in your market? Is there vacant land available? Are there geographic limitations on growth (a mountain range)? Are there zoning, use fees, and other restrictions that might fuel or limit growth?
- Market potential—Strengths and weakness of major competitors. How can you capitalize on a competitor’s weakness?
- Market share—What percentage of current transactions in your market are handled by your company and what factors could change that percentage either positively or negatively?
- Present customer composition—How do factors such education, buying frequency, age, income level, occupations and hobbies affect the level of future demand among existing customers?
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