The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market. Every business has competition.
As you might suspect, the structure of the marketing section varies from business to business and from entrepreneur to entrepreneur. In our discussion, however, we will introduce you to a format that is most often used by business plan writers.
This is not to say that you can not deviate away from the suggested structure, because you can. Below separately discusses each component; beginning with The Market Description. If there are any major barriers or obstacles that will effect your entry in to the industry, they too should be discussed.
If you have not yet identified, in your business plan, the industry's Key Success Factor's or Driving Forces, be sure to address them under your Market Description.
Many business owners and aspiring entrepreneurs experience difficulty when searching for Industry information. Much of the industry information can be found in trade publications, business magazines, from marketing firms, through the chamber of commerce, from the Small Business Administration, through Business Service Centers, over the Internet, from suppliers, and so on Knowing the characteristics, attributes, behaviors, and traits of your customers is extremely important to the success of your business.
Experts suggest that three segmentation variables may be used to help entrepreneurs define or predict who their customers will be, namely; Demographics, Geographics, and Phychographics.
Determine which variables relate to your business and potential customers.
Geographic Segmentation is used to identify specific regions, city sizes, and densities. What regions will your customer live in? What is the City Size of these regions and how many people are in your target market?
Will you focus your marketing efforts only in urban areas, suburban areas or rural areas? Below depicts examples of Geographic Segmentation Variables? Demographic Segmentation Variables are most often used to develop a customer profile.
Demographic Segmentation divides the market into groups based upon variables such as age, sex, family size, income, education and so on. Below depicts examples of Demographic Segmentation Variables. What groups are most likely to buy your product?
What sex will more readily purchase your product? If sex a major issue? Is family size a major issue in the purchase of your product?
If so, what is the ideal family size? Does the family structure have an effect on whether your product is purchased?
What Income level will most of your customers fall into?
Is income a major issue? What occupation will most of your customers hold? Is their occupation a major issue? What education level will most of your customers have?
Is education an important factor? Does the religion of a customer determine whether or not they purchase your product?A key part of any business plan is the market analysis. This section needs to demonstrate both your expertise in your particular market and the attractiveness of the market from a financial standpoint.
The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market.
Every business. The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market.
Oct 02, · The sales and marketing section of the standard business plan includes three parts—the market analysis, the marketing plan, and the sales plan.
Keep it short and simple—just big enough to cover your actual business need/5(12). The financial section of a business plan is one of the most essential components of the plan, as you will need it if you have any hope of winning over investors or obtaining a bank loan.
marketing section of the business plan The purpose of the marketing section of the business plan is to convince readers that your business or planned venture provides a great opportunity. As you might suspect, the structure of the marketing section varies from business to .