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There’s a huge amount of research that must be completed and included in the Market Analysis section of a good business plan.It’s important to provide the summaries and/or highlights of any marketing studies and/or research data you have gleaned regarding your business.
It should also assess whether those needs are currently being met.
If not, it must explain how your business will meet them, including a projected estimated market share to be acquired.
Volume refers to the number of potential customers, and value refers to the value of the market itself. One approach is to see if the figure is publicly available, perhaps shared by a government entity.
Other approaches include buying a market research report, or simply estimating the figure yourself.
Identify their specific target market, size of coverage, and the way they go about purchasing or manufacturing their products or services. Gather as much information as possible about the geographical service area’s population and needs.
This will enable you to see clearly if there are any vacant niches or poorly serviced quarters you may be able to pick up.
Including it in the Market Analysis section of your business plan is critical.
In a recent article we discussed the importance of the role that an effective executive summary plays in a business plan.
The market analysis portion of your business plan should communicate your profound knowledge of your particular market, and provide an explanation of why that market is enticing from a financial perspective.
A market analysis consists of the combination of quantitative and qualitative assessments of a given market.