The Market Analysis section should illustrate your knowledge about the particular industry your business is in. It should also present general highlights and conclusions of any marketing research data you have collected. However, the specific details of your marketing research studies should be moved to the appendix section of your business plan. When you are defining your target market, it is important to narrow it to a manageable size.
Many businesses make the mistake of trying to be everything to everybody.
Often times, this philosophy leads to failure. It would also include the geographic location of your target market, the identification of the major decision-makers, and any seasonal or cyclical trends which may impact the industry or your business. Size of the primary target market. Here, you would need to know the number of potential customers in your primary market, the number of annual purchases they make of products or services similar to your own, the geographic area they reside in, and the forecasted market growth for this group. The extent to which you feel you will be able to gain market share and the reasons why.