How To Do A Market Analysis For A Business Plan

Doing so will help you and the reader of your plan understand where your specific product fits into the total market, and who the potential customers are.

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Then, your Marketing Strategy and Implementation Plan, ideally covered in the next section of your business plan, will fit into a logical flow.

I have read many business plans that make the mistake of starting a Market Analysis section, only to wander off into a description of what the company sells, how it will promote its products, and how its product or service is different.

If you are selling cars, state the total sales of cars in your geographical area for the most recently ended year.

This number will be important later when you forecast your sales because it will enable you to calculate what share of the market you expect to capture.

The more detail you can provide about the customer segments that you target, the better.

The level of detail you provide about your market's customer segments depends on the level of detail in your marketing plan.Any customers you intend to pursue with your marketing strategy should be identified and quantified in the market analysis section.This section is also an appropriate place to provide a profile of your target customer.If you are an international company, then describe the size and characteristics of the international market.If, on the other extreme, you only sell to customers within 10 miles of your location, then provide information about this local segment.For example, buyers of Personal Computers can be segmented into business users and home users.This type of market segmentation is essential because your marketing plan, which you will present later, will describe your strategy for targeting these customers.Vitamins are products that are good, useful, and maybe even important, but we can live without them.The ultimate goal of the Market Analysis is to show where the burning need, the source of the pain, is in the market.Once you have described the segments of your product's market, explain the trends, growth, and needs of the market.Turn your focus especially to the trends in the market segments within which your product fits.

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