Creating Your Market Analysis/Industry Overview – Part 1

Creating Your Market Analysis/Industry Overview – Part 1

This section of your business plan is your assessment of the customer groups you've targeted, other customer groups you might pursue, the competition, and an overview of the industry as a whole. Is the market growing, how fast is it growing, and what evidence do you have that it is interested in your product or service?

After completing this unit, you will create a Market Analysis/Industry Overview for your business plan. It should adhere to the following objectives.
Objectives:
1. Describe the industry, industry trends and factors influencing the trends.
2. Write a demographic, geographic and psychographic profile of the company’s target market.
3. Describe the historical growth, current market size, and the growth potential of the market.

Before you begin to write this section of the plan you must understand the concept of market analysis. To do this, begin by reading Chapter 6 in the Entrepreneurship textbook. Be sure to pay close attention to all key terms and concepts. Take notes on your reading. Title and number these notes accordingly and retain them for a future notebook check. As some of you may notice, this is a chapter we studied earlier in the year- if you saved your notes on them (as advised) you may use them for this assignment.

Click here to access Mrs. Raaker’s Ch 6 Power Point Presentation shown in class.