Use the outline from Week 3 to draft the industry analysis and customer analysis sections of your business plan.
Conduct a 350- to 700-word industry analysis for your company, including:
- Market Overview: The Market Overview includes a discussion of the size and characteristics of your market. For example, if you are a men’s clothing store, you would include the size of the clothing market, a brief discussion of sectors (e.g., casual, business, young men) and market trends.
- Relevant Market Size: The relevant market size is a specific calculation of your market size. It includes the annual revenue your company could attain if it attained 100% market share. Calculate your relevant market size by multiplying 1) the number of customers who might be interested in purchasing your products and/or services each year and 2) the amount these customers might be willing to spend, on an annual basis, on your products and/or services.
- A discussion of the state of the macroeconomics industry in the last five years.
Develop your customer analysis section, including:
- Target Customers: The target customers section precisely identifies your current and/or intended customers. Include as much demographic data on your target customers as possible, to include gender, age, salary, geography, marital status and education.
- Customer Needs: Specify why customers want or need your products and/or services. What do your customers care most about speed, quality, location, reliability, comfort, price, value, etc.?
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