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BUS 350 – External Market Analysis – Phase II
Please research, write and submit a paper that details the following material regarding your new business idea. As we are learning, knowing the marketplace is extremely important to business owners. Let's find out what this market holds for your idea. There is no limit regarding length of this assignment. The expectation is that you will conduct and organize some research and share it with all of us.
External Market Analysis
The market analysis section of your business/marketing plan should illustrate your industry and market knowledge as well as any of your research findings and conclusions. This section is usually presented after the company description.
What to Include in Your Market Analysis
Industry Description and Outlook – Describe your industry, including its current size and historic growth rate as well as other trends and characteristics (e.g., life cycle stage, projected growth rate). Next, list the major customer groups within your industry.
Information About Your Target Market – Narrow your target market to a manageable size. Many businesses make the mistake of trying to appeal to too many target markets. Research and include the following information about your market:
Distinguishing characteristics – What are the critical needs of your potential customers? Are those needs being met? What are the demographics of the group and where are they located? Are there any seasonal or cyclical purchasing trends that may impact your business?
Size of the primary target market – In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group? For more information, see our market research guide for tips and free government resources that can help you build a market profile.
Pricing and gross margin targets – Define your pricing structure, gross margin levels, and any discount that you plan to use.
When you include information about any of the market tests or research studies you have completed, be sure to focus only on the results of these tests. Any other details should be included in the appendix.
Competitive Analysis – Your competitive analysis should identify your competition by product line or service and market segment
SWOT Analysis - Strengths - Weaknesses - Opportunities - ThreatsBUS 350 – External Market Analysis – Phase II