PA1. Before You Begin: Each week in this course will be focused on considering, discussing, or developing one or more components of a business plan. That business plan will be centered on a new venture–your very own! So begin thinking of what kind of business you would like to open, what product/service you would like to provide, to whom, and where. The Small Business Administration (SBA) guide provides recommended information about the length of business plans and its sections. While you will not be developing all components in a business plan, you will have the opportunity to develop a few. Have fun with these assignments!
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 descriiption 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.