Article: The real value in a target market analysis is not just in describing the current state of the market, but rather in predicting or projecting the future. You will want to consider how certain changes in the market or in your community may affect your business. By doing this, you can prepare and be ready in case those shifts actually occur. Address the following questions in this part of your analysis: How many customers will come back? How with the aging of your target market affect their interest in your service or product? How would economic changes in the community affect your target market? How would your target market be affected by governmental changes, new regulations, or so on? Your target market analysis may stand on its own, or you may be including it as part of a larger business plan for your company. Review your company's prior reports or business plans, so you will understand the format that is expected. If a particular font is used, you should try to match it for internal consistency. If you are providing the market analysis for someone in higher administration in your company, you probably will be expected to provide recommendations. Based on your analysis, what steps would you recommend that the company take going forward? Should they increase or cut back on advertising in any particular area? Should new target markets be expanded? Bear in mind that your analysis could be an important step in the future of your company. Your target market analysis is meaningless unless you and your company follow through on it. When you complete your report, you will need to know who should receive it next, to take action. You may be involved in the actual marketing efforts, or you may hand that off to someone else in your company. After some time, you should follow through to find out what changes are being done to follow through on the research.
What is a summary of what this article is about?
Make projections, not just summaries. Prepare your analysis report to share with others. Follow through on your conclusions.