Before a development plan is created, executives must first analyze sales and trend reports to determine where changes need to be made. Rather than simply making smaller changes within their marketing strategies, completing a budget restructuring or dropping specific products from the existing product line, business executives must pinpoint specific problems in order to avoid any unnecessary changes or spending.
Sales Trends
One way of analyzing how a given company is doing in regards to its customers and the given market is to analyze trend reports. Trend reports can include sales trends reports, which reveal what products or services are the best selling within the company. Another trend report is a market research report, which reveals the demands and needs of the target customers who are the typical purchasers of the company's products or services.
Types of Products
Once the needs of the market have been understood, the business can start planning in regards to the existing product line. The trend report as it relates to company sales will reveal which products or services are not selling within the business. This information should provide the business executives with a direction, especially if some products need to be dropped from the line or new ones need to be tested out.
Setting Goals
When executives have identified the problems with the company's performance on the market and business sales, the planning phase can begin. Planning should begin by setting specific goals that the company must work towards in order to improve the overall performance of the business. These goals can include hiring new employees, implementing new products or services, or outsourcing additional work to attend to budget, marketing or accounting functions.
Creating a Plan
Finally, a detailed plan must be created so the business executives know what they are working towards. The plan must include weekly or monthly goals that the company departments can work towards together. Goals can include developing a new product, creating a new marketing campaign, analyzing sales results, or conducting market research. These results may then inspire a new plan with a new set of goals.
