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)
You may include any other aspects of a market analysis in addition to the list above. Having confidence in your abilities and the right product or service will not accomplish much if you do not know how to get these into the hands of potential customers, so consider these areas well and include as much detail as you are able to find in your research.
Remember that a market analysis has nothing to do with your opinion; this is strictly focused on the data you are able to find. The length of your market analysis will vary, so aim for a complete overview in your market analysis. You can continue to add to this analysis over time as you continue to research the market.
Submit your market analysis in a Word Doc in GAP in Week 2 (If using Google Docs, use the Download As Word Document, and then upload it into GAP).