How Do You Prepare A Market Analysis For A Business Plan?
Putting together a business plan can seem like a daunting task. In order to do a thorough job, you must take your time with each of the different components. One of the most important components of a business plan is the market analysis. The market analysis section of your business plan will help you understand the domain in which you plan to operate. More importantly, it will also help potential investors see that you know your market and have a plan that can work within its context. The following information will help you prepare this critical piece of your business plan. Identify Target Markets Preparing a market analysis begins with thinking about who your prospective customers are. Some of the factors to consider when deciding who will be included in your target market include: Demographics such as age and sex, race or ethnicity, levels of education and income Geographical location Personality traits, attitudes, preferences and needs Shopping habits such as frequency, loyalty and
