How To Do A Market Analysis For A Business Plan

How To Do A Market Analysis For A Business Plan-87
Further segmentation might be called for in many cases.

Further segmentation might be called for in many cases.

Venture capitalists and angel investors often refer to products as either painkillers or vitamins.

Painkillers tend to get the most funding because they are products that, as soon as they come out, people have to have them.

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.

Ideally, the trends you identify should support the positioning statement and marketing strategy that you are about to present.

As for market needs, a business plan can make a powerful statement about a company's chance for success if it can show a need in the market that is unmet or underserved, and then present the company's product as the perfect solution to that problem.In this section you should provide statistics for the growth in the market over the last five to ten years.If you can provide forecasted growth rates from an acknowledged agency or research firm, do it.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.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.It is a good idea to indicate the geographic segments of your product's market, especially the market in which you sell.On one level, all customers who a buy a particular product make up that product's market.But, not all buyers of the product buy it for the same reason.This profile should include any demographic or psychographic information relevant to buyers of your product or service.For business customers, provide statistics about the size of the typical client firm, number of employees, location, or industry.

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