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Market Analysis

A marketing analysis should be part of any business plan.  Though there are specific topics to research, a marketing analysis is a discovery process which may present unknown opportunities that may warrant further research.

Your market analysis should examine the demand for your product or services.  If demand is low, this may indicate the need for your marketing efforts to focus on awareness and consumer education.  If demand is high, your business will likely have strong competition and your marketing may focus more on your companies unique offering and value propositions.

Once you have determined the type of marketing needed, you can then start to identify potential marketing opportunities and the investment required.  You will want to allocate a budget for marketing that can grow with the success of the business.  A close look at the marketing methods that are currently working for your competitors can be a strong indicator of where you should be investing.