Lesson 4 Resources Marketing Plan Framework This Assessment Tool contains real world examples, guiding principles, practical worksheets, and information that can help you complete a 4E-based marketing plan for your business.

Market Potential Analysis

In market potential analysis, the operator estimates the total demand for the business offerings. Although precise estimates are impossible in most cases, the operator tries to “think out” the best estimate through a logical process. For example, the operator can estimate whether the lodging business in a town is overbuilt or under-built (in a percentage term) by considering such factors as

• total number of available guestrooms
• average occupancy percentage by the competitors
• total visitor volume

Whenever possible, all estimates should be expressed in concrete terms such as percent, number, and dollar. For example, “The total demand of our target market is 2,250 rooms per month and by increasing Esthetic experience (e.g., enhancing design of the property), our company can enhance market share by 10 percent.”

Competitive Analysis

In addition to analyzing the trends before, the operator should identify his/her main competitors and conduct an audit for each using the same Internal Audit checklist on Marketing Plan Framework Assessment Tool (link above) in Section 3.1. By using the same audit checklist, the operator can easily compare his/her company and competitors in terms of 4E offerings. The competitive analysis can be done and related information can be collected through ‘shopping the competitor’, interviews with customers of competitors, first-hand market research, and/or expert opinions.