We have analyzed the dynamic phase transition of the kinetic Ising model in mean-field approximation by means of an analytical approach. Specifically, we study the evolution of the system under the simultaneous influence of time-dependent and time-independent magnetic fields. We demonstrate that within the approximate analytical treatment of our approach, the dynamic phase transition exhibits power-law dependencies for the order parameter that have the same critical exponents as the mean-field equilibrium case. Moreover we have obtained an equation of state, with which we can prove that the time-independent field component is effectively the conjugate field of the order parameter. Our analysis is limited to the parameter range, in which only second-order phase transitions occur, i.e., for small applied field amplitudes and temperatures close to the Curie point. In order to ensure the reliability of our analytical results we have corroborated them by comparison to numerical evaluations of the same model.