6.1.  General Background

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The Guide > 6.  Profiles of Target Markets > 6.1.  General Background

Use this subsection to set the scene for more detailed analyses. For example, review the history of the market and highlight the key changes and trends. Feel free to quote external market research reports to help explain the general attractiveness of the marketplace.

In this subsection, move from the very general to the very particular and distinguish between total, available and served markets. Here is an example of what we mean by this:

The total world market for widgets is expected by most market analysts to grow from $300 million in 2008 to $1,200 million in 2012. Within this total, it is estimated that 60% of this market will be open to new entrants and that 10% of this will be located within the geographic areas to be ultimately served by our business. On this basis, the projected theoretical size of our target market might be worth about $72 million.

 

If multiple markets are being targeted, use separate sub-subsections for each:

6.1.1. Market Aaaaa

6.1.2. Market Bbbb

View a statement along these lines as the starting point for the following subsections that explore in detail the market segments to be specifically targeted by the business. Under no circumstances, skip this work by simply stating that your business intends to secure 10% of the target market!!

For latest information, see the Target Markets section in the Business Plan Guide at http://www.planware.org/gmarkets.htm

 



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