Improve your market understanding with our Business Plan Market Analysis Template: defining target markets, forecasting trends, and strategizing for success.
1
Define your target market
2
Identify your industry size and growth rate
3
Identify key industry structure trends
4
Identify customer buying habits
5
Identify your market share potential
6
Identify barriers to entry and regulation
7
Perform competitive analysis
8
Approval: Competitive Analysis
9
Identify potential business opportunities
10
Identify potential market risks
11
Forecast market trends
12
Research your pricing strategy
13
Examine your marketing strategy
14
Identify the industry's profit potential
15
Assess Key Success Factors
16
Approval: Key Success Factors Assessment
17
Prepare a SWOT analysis
18
Identify channels of distribution
19
Evaluate your business model
20
Finalize and document your market analysis
Define your target market
Identify and define your target market. This task plays a crucial role in understanding your customers' needs and preferences, allowing you to tailor your products or services to meet their demands. By defining your target market, you can develop effective marketing strategies and focus your resources on the right audience. Consider factors such as demographics, psychographics, and buying behaviors.
Identify your industry size and growth rate
Determine the size and growth rate of your industry. This task helps you understand the market potential and opportunities for your business. It also provides insights into the competition and future trends. Gather information from market research reports, industry associations, government data, and other reliable sources. Calculate the market size in terms of revenue or volume and determine the annual growth rate.
Identify key industry structure trends
Identify and analyze key industry structure trends. This task helps you understand the current state of the industry and anticipate future changes. Consider factors such as technological advancements, regulatory changes, market consolidation, emerging competitors, and consumer preferences. Use industry reports, news articles, interviews, and expert opinions to gather information and identify significant trends.
Identify customer buying habits
Identify and analyze customer buying habits. This task helps you understand how customers make purchasing decisions, what influences their choices, and how they perceive value. By understanding customer buying habits, you can tailor your marketing messages, pricing strategies, and product offerings to meet their needs. Use surveys, interviews, focus groups, and market research reports to collect data on customer preferences, shopping behaviors, and decision-making processes.
Identify your market share potential
Analyze your market share potential in the target market. This task helps you assess your position in the market and understand your market share compared to competitors. Evaluate factors such as brand awareness, customer loyalty, market gaps, and competitive advantages. Use market research data, customer surveys, and competitor analysis to estimate your market share potential.
Identify barriers to entry and regulation
Identify and assess barriers to entry and regulation in your target market. This task helps you understand the challenges and restrictions you may face when entering or operating in the market. Identify legal, regulatory, financial, or technological barriers that could impede your business. Research laws, regulations, industry standards, and competitors' experiences to gather information on barriers and develop strategies to overcome them.
Perform competitive analysis
Conduct a comprehensive competitive analysis of your industry. This task helps you understand your competitors, their strengths and weaknesses, and their strategies. Analyze competitors' products or services, pricing, marketing efforts, target markets, and customer feedback. Use competitor websites, industry reports, customer reviews, and interviews to gather data for the analysis. Identify gaps or opportunities where your business can differentiate and gain a competitive edge.
