Perhaps the most powerful illustration of succession's importance inside the family firm is the staggering number of family businesses that plan to hand over control to the next generation in the short_term. For instance, in the US alone, 40% of family business CEO's are planning to transfer power to the next generation within the next 5 years. When viewed in combination with the factors surrounding succession, this statistic truly represents the importance of the succession process not only within the firm, but also on a macroeconomic level_family_owned businesses have served as the backbone of society since the times of the ancient Greeks.
The first section of the marketing plan is the SITUATION ANALYSIS. In this section you look at your challenges, your competition, and how you are unique in the marketplace. The situation analysis lays the foundation for your goals, strategies and tactics. This is accomplished through a thorough analysis of your self and your specific situation or market. In this section you create your Unique Selling Proposition (U.S.P.). The second section of the plan defines your TARGET AUDIENCE. Here is where you uncover who has a NEED for your product or service. This involves profiling you existing customers and finding common attributes. The purpose of the exercise is to ultimately create an "ideal customer profile". In the Target Audience section of the document you decide which customers you are going to approach with your marketing efforts.