One of the initial stages in developing a business plan is to perform a market analysis. A market analysis is the process of gathering information about a market within an industry. Your analysis studies the dynamics of a market and what makes potential customers tick. For this professional assignment, you will develop a market analysis for your business. This market analysis will make up a significant portion of a completed business plan, which you will submit at the end of this course.
Begin developing your market analysis by researching and drafting an analysis focused on:
- Summary of your business (1 paragraph minimum)
- Distinguishing characteristics (1 paragraph minimum)
- Industry description and outlook (1 paragraph minimum)
- Target markets (2 paragraphs minimum)
- Customer profile (1 paragraph minimum)
- Customer needs (1 paragraph minimum)
- Trends (2 paragraphs minimum)
- Potential competitors (2 paragraphs minimum)