Your situation analysis identifies your weaknesses and threats, but it also identifies your strengths and opportunities. You need to take these findings and further clarify and build your marketing strategy around them in order to have the best chance for success.

Gathering information about your competitors via an analysis table can help you draft a more complete situation analysis. A competitor analysis table summarizes the main similarities and differences between you and your competitors.

When preparing your business’s situation analysis, you need to be in close contact with the pulse of the economy. Watch the leading published economic indicators and regularly monitor the numbers. If you notice a decline for more than two months in a row, look closely for any signs of sales slowdowns in your own industry and be prepared to take action.

A situation analysis is the one tool every marketer needs to ensure her marketing tactics are taking advantage of opportunities and solving for problems.