This is where you group similar types of customers into segments and describe the attributes of each segment. This section should also include data on the size of the target marketthe purchase potential and motivations of the audience, and how you intend to reach the market.
Location: If you find your customers in a specific location or region, describe that here. A thorough market analysis will convey insights derived from investigating the size of the market in both volume and value, the customer segments that comprise the market, the buying habits that these consumers exhibit, competitors, and any barriers to entry.
Step 4: Define The Market Need Now we are moving on to the more qualitative assessment of the market by defining the market need. Want to test drive.
Market Trends You need to understand what's going on with your market. Do you need to get in early to take advantage of an emerging market? Market Size and Growth You need to be able to measure and quantify your market. The questions that affect target markets will be different for every business, and these are just examples.
A market analysis is a good way to get clarity. Market value Estimating the market value is often more difficult than assessing the number of potential customers. This is where a market analysis comes in. Doing so will give you the familiarity and knowledge necessary for deciding whether or not to move forward with launching your business plan.
Once again the number of employees would only be a rough proxy given all business don't have the same furniture requirements.