• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint

Summary

A market analysis deals with an evaluation of your market and the expectations for your own company associated with the results of that evaluation. A market analysis is not only important when creating a marketing plan, but also necessary to communicate to the reader of your plan that you have researched and analyzed the market you sell within. You don't have to create a market analysis worthy of a Ph.D. but you do want to keep your analysis clear and concise. In summary, your Market Analysis section should describe the target customer segment you sell to, a summary of the existing market, and projections of anticipated market growth.

In this chapter, you learned that it's not enough to know your own business and to accurately describe it in your business plan. You must also show the reader you have a good grasp of the industry your business is a part of. Who sells in your industry is as important as what is sold. You also must know the size of the market you plan to sell into. Describing the trends in your industry helps support your business idea in the eyes of your reader. The next chapter will show you how to craft your marketing strategy and how to reach and communicate with your target market.


PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint