Market Analysis In A Business Plan

If the scope of your business plan assignment includes the other aspects of marketing planning, then your instructor will provide additional instructions and resources to do so.The lesson outline is: E-Business Target Markets Target Market Research E-Business Target Markets What Are the Target Markets?

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For example, for Purma Top Gifts the addressable market is people who have an interest in Purma, perhaps because they live there, want to visit or live there, or have visited or lived there in the past.

This is close to being an appropriate target market if the business intended to be a Purma portal, but it is too large and unrealistic for Purma Top Gifts.

For example, the primary target market for Purma Top Gifts is individuals in middle and upper socioeconomic classes living outside Purma who have visited Purma and retain an ongoing interest in the country.

This tends to exclude (a) people who live in Purma, (b) tourists who have with little or no ongoing interest in Purma, and (c) low-income backpackers who have visited Purma.

The segmentation is based on: Determining the proper scope of the target markets is critical.

If the definition of a target market is too broad, it will be hard to identify their information needs, and you will waste money on promotion that won't get the results you want.The first step in conducting a market analysis is to define your primary, secondary, and, perhaps, tertiary target markets.Your target markets are based on segmentation characteristics within the total addressable market.Think of the primary market as your "premium customer," "who is most likely to find my site and buy something from it," or "who is chiefly interested in what I have to sell." Identifying the primary target market requires you to consider the potential and addressable markets, as well as the value proposition you wrote earlier.Conclude this process by describing this market using the segmentation factors outlined previously.For example, perhaps individuals in this market don't have a need for your specific product, your product costs too much, the customers never find your site, they don't have enough information or trust to buy from you, or because they find a better deal from a competitor.The market share is the individuals in the target market who you can expect to make a purchase from your business.The structure of the industry, the impact of competition, strategies for market penetration, and the amount of capital the business is willing to spend in order to increase its market share affect your market share.Market share is estimated in the demand forecast section of the marketing plan, which is beyond the scope of this lesson.The target market is the group(s) of individuals in the addressable market that are likely to buy from your Web site, based on the segmentation factors listed previously.In other words, who will buy your product or service provided consumer-environment conditions are perfect and there is no competition.


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