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For example, if women aged 18 to 54 are your target market, you need to know how many of them there are in your market. Market Need – What factors influence the need for your product or service?Did the need exist before or are you trying to create it?
Why will customers want to do business with you, possibly choosing you over someone else?
This is where you can briefly introduce the competitive edge you have, although you’ll get into that in more depth in following sections.
Is there a shift to more natural or organic ingredients that might impact your business? The easy availability of the internet and smartphone technology?
The questions will be different for every type of business, but it’s important to think about the types of changes that could affect your specific market.
In this section, you can cite experts from the research you’ve done-a market expert, market research firm, trade association, or credible journalist.
Market Research Testing – Talk about what kind of testing and information gathering you’ve done to figure out where you stand in the market.
Focus on how the product or service you’re offering satisfies what’s needed in the market.
Market Growth – While no one can predict the future, it’s important to get a possible idea of what business may be like down the road and make sales projections.
A market analysis is just that: a look at what the relevant business environment is and where you fit in.
It should give a potential lender, investor, or employee no doubt that there is a solid niche for what you’re offering, and you are definitely the person to fill it.