Today I want to offer some assistance with your Market Analysis; for instance.
1st Yesterday, today and tomorrow: You would study the industry, competitors and customer demographics (so you can choose a target market, then check the target market that you have chosen from Post 7).
2nd Competitive Analysis: Do a thorough study of the population demographics in the market your business will sell in. Then, decide what type of person (target market) will buy your product. There is a lot of talk about the target markets but you will soon understand its redundancies for your business plan to prevail.
3rd Demographic and Target Market: (This should be easy because you have already distinguished your target market as described in post 7, and from the Competitive Analysis above, but this is the order in which to state your case. Does the population demographic in your area match well? Is there enough of this type of client (target market) in your area to have a successful business?
4th Entry Barriers: Are there barriers to entry? There is high entry cost, and high risk cost to get in, but limits the amount of competitors.
These are the things that you should have looked for to complete the market analysis. This is also number II of your “Table of Contents” as number I was the Executive Summary. Tomorrow we will take a look at number III which will be your market strategy.
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This may seem like a lot, but it is important to not get stagnant. Stay on course; looking back on your progression should give you the incentive to continue with vigor. It will all pay off in the long run.