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 trends analysis

Market trends are identified by analyzing:

• Customer behavior trends and preference—and their changes over time—for the key business offerings (e.g., 4Es) of the business
• Trends among business competitors in terms of focus of competition, emerging new competitors, modifications of offerings by key competitors, and new product developments that pose threats to the company’s current offerings.
• Industry trends as a whole, for example:  industry standards of offerings, general direction of industry movement, and other changes within the industry.

Information relevant to these trends comes from sources such as

• Chambers of commerce
• Convention and visitors bureaus
• Universities
• Government agencies, such as small business development centers
• Trade associations
• Commercial organizations, such as marketing research firms and advertising agencies
• The operator can also conduct research with his/her own customers to better understand market trends regarding changes in customers’ preference, including their response to 4E offerings.

Be sure to visit the resource section above for a list of questions that will help in analyzing market trends.