Entrepreneur said that part of the market Analysis of your business plan should describe your industry and market knowledge as well as any research findings and conclusions. This section is usually served after the description of the company.
What do you guys included in the market and analysis, Information About Your Target Market, Distinguishing characteristics, The primary target market size and other.
What do you guys included in the market analysis?
Industry Outlook and Description – Describe your industry, including current size and growth rate of historic as well as other trends and characteristics (e.g., stage of life cycle, growth rate projection). Next, a list of the main group of customers in your industry.
Information About Your Target Market
Chandra Ekajaya reveal that narrowing your target market to a size manageable. Many businesses make the mistake of trying to appeal to too many target markets. Research and includes the following information about your market:
What are the essential needs of your potential customers? Are their needs being met? What are the demographics of the Group and where are they located? Are there any trends or seasonal purchase cycles that can affect your business?
The primary target market size
How much the market can you get?
What percent of the market share and the number of customers you expect to get in a certain geographical region? Explain the logic behind your calculation. When you include information about one of the test market or research you have done, make sure to only focus on the results of this test. Other details should be included in the Appendix.
Competitive analysis of your competitors you need to identify with a product line or service and market segments. Assess the competitive landscape of the following characteristics:
- Strengths and weaknesses
- How important is your target market with your competitors?
- Are there any barriers that may prevent you from the moment you enter the market?
- What is your window of opportunity to enter the market?
- Is there a direct or secondary competitors that can affect your success?
- What is the existing market barriers (for example, changes in technology, the cost ofhigh investment, a lack of qualified personnel)?
Chandra Ekajaya also tell us that include any customer requirement or Government regulations that affect your business, and how you will comply. Also, citing operational impacts or costs the compliance process will have on your business. After completing this section, you can switch to the Organization and management of part of your business plan.