Market Trend and Competitor Tracking Project Template

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Keep your marketing strategies relevant and effective by staying updated with the latest market trends and competitor activities. This template offers a comprehensive guide for setting up market research tools, identifying key competitors, tracking their activities, and analyzing market trends.

With regular updates and thorough analysis, you can identify new opportunities and threats, develop robust marketing strategies, and ensure your team is aligned and informed.

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Market Trend and Competitor Tracking Project for Priority Matrix

Market Trend and Competitor Tracking Project in Priority Matrix

Stay updated with market trends and competitor activities to enhance your marketing strategies.

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Proposed Tasks

High Impact, Immediate Action

  • Task 1: Set Up Market Research Tools
    ☐ Identify available market research tools ☐ Choose suitable tools for our needs ☐ Set up and test the tools
  • Task 2: Identify Key Competitors
    ☐ Define criteria for identifying key competitors ☐ Research competitors based on the criteria ☐ Prepare a list of key competitors
  • Task 3: Set Up Competitor Tracking System
    ☐ Identify tools for tracking competitor activities ☐ Set up and test the tracking system ☐ Train team on using the system

High Impact, Long Term

  • Task 4: Regularly Update Market Trends
    ☐ Review market research data regularly ☐ Update market trends based on the data ☐ Share updates with the team
  • Task 5: Regularly Update Competitor Activities
    ☐ Review competitor tracking data regularly ☐ Update competitor activities based on the data ☐ Share updates with the team

Low Impact, Immediate Action

  • Task 6: Analyze Market Trends
    ☐ Analyze market trends ☐ Identify opportunities and threats ☐ Prepare analysis report
  • Task 7: Analyze Competitor Activities
    ☐ Analyze competitor activities ☐ Identify opportunities and threats ☐ Prepare analysis report

Low Impact, Long Term

  • Task 10: Monitor and Adjust Strategy
    ☐ Monitor the effectiveness of the strategy ☐ Make necessary adjustments to the strategy ☐ Keep team updated on any changes
  • Task 8: Use Analysis for Strategy Development
    ☐ Use market trends and competitor activities analysis for strategy development ☐ Involve team in strategy development ☐ Finalize strategy
  • Task 9: Implement Strategy
    ☐ Share strategy with the team ☐ Train team on implementing the strategy ☐ Start implementing the strategy