{"id":961,"date":"2020-09-26T12:24:51","date_gmt":"2020-09-26T12:24:51","guid":{"rendered":"https:\/\/emilien2.sg-host.com\/?p=961"},"modified":"2020-10-18T17:09:30","modified_gmt":"2020-10-18T15:09:30","slug":"industry-market-analysis","status":"publish","type":"post","link":"https:\/\/www.companyplan.com\/industry-market-analysis\/","title":{"rendered":"Industry and Market Analysis: Complete Guide for Business Planning"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"961\" class=\"elementor elementor-961\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5ba572c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ba572c8\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5d8df50b\" data-id=\"5d8df50b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-72997293 elementor-widget elementor-widget-theme-post-title\" data-id=\"72997293\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15fb54cf elementor-widget elementor-widget-heading\" data-id=\"15fb54cf\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Analyze your market like a pro with this \nstep-by-step guide + insider tips<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9a61c26 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9a61c26\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-307da24a\" data-id=\"307da24a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-3562a4b4\" data-id=\"3562a4b4\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-512f9dd8 elementor-widget elementor-widget-text-editor\" data-id=\"512f9dd8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Don\u2019t fall into the <strong>trap<\/strong> of assuming that you already know enough about your market.<\/p><p>No matter how fantastic your product or service is, your business cannot succeed without sufficient market <strong>demand<\/strong>.<\/p><p>You need a clear understanding of <strong>who<\/strong> will buy your product or service and <strong>why<\/strong>.<\/p><p>You want to know if there is a clear market <strong>gap<\/strong> and a market<strong> large enough<\/strong> to support the survival and growth of your business.<\/p><p>Industry research and market analysis will help make sure that you are on the <strong>right<\/strong> <strong>track<\/strong>.<\/p><p>It takes <strong>time<\/strong>, but it is time <strong>well spent<\/strong>. Thank me later.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b02e4ee elementor-widget elementor-widget-heading\" data-id=\"b02e4ee\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">WHAT is Market Analysis?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17ba621 elementor-widget elementor-widget-uael-infobox\" data-id=\"17ba621\" data-element_type=\"widget\" data-widget_type=\"uael-infobox.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n<div class=\"uael-module-content uael-infobox uael-imgicon-style-normal  uael-infobox-left  infobox-has-icon uael-infobox-icon-left  uael-infobox-image-valign-top  uael-infobox-stacked-tablet  uael-infobox-link-type-none\">\n\t<div class=\"uael-infobox-left-right-wrap\">\n\t\t\t\t\t\t\t\t<div class=\"uael-module-content uael-imgicon-wrap \">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uael-icon-wrap elementor-animation-bounce-in\">\n\t\t\t\t\t\t\t\t<span class=\"uael-icon\">\n\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"uael-infobox-content\">\n\t\t\t\t\t\t<div class='uael-infobox-title-wrap'><\/div>\t\t\t\t\t\t\t\t\t<div class=\"uael-infobox-text-wrap\">\n\t\t\t\t<div class=\"uael-infobox-text elementor-inline-editing\" data-elementor-setting-key=\"infobox_description\" data-elementor-inline-editing-toolbar=\"advanced\">\n\t\t\t\t\tMarket analysis is qualitative and quantitative assessment of company\u2019s business environment and where it fits in - who the buyers are, how much they are buying and paying, why they are buying, and what is influencing them \u2013 now and in the future. \t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"uael-separator-parent\">\n\t\t\t\t<div class=\"uael-separator\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ae8edc elementor-widget elementor-widget-text-editor\" data-id=\"2ae8edc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Market Analysis section of a business plan is also sometimes called:<\/p><ul><li>Market Demand, Market Trends, Target Market, The Market<\/li><li>Industry Analysis &amp; Trends, Industry &amp; Market Analysis, Industry and Market Research<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab81a65 elementor-widget elementor-widget-heading\" data-id=\"ab81a65\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">WHY Should You Do Market Analysis?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5fe75a elementor-widget elementor-widget-text-editor\" data-id=\"b5fe75a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>First and foremost, you need to demonstrate beyond any reasonable doubt that there is <strong>real need <\/strong>and <strong>sufficient demand<\/strong> for your product or service in the market, now and going forward.<\/p><ul><li><strong>What makes you think that people will buy your products or services? <\/strong><\/li><li><strong>Can you prove it?<\/strong><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ed7f7e elementor-widget elementor-widget-text-editor\" data-id=\"7ed7f7e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ); font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Your due diligence on the market opportunity and validating the problem and solution described in the Product and Service section of your business plan are crucial for the success of your venture.<\/span><\/p><p>Also, no company operates in a vacuum. Every business is part of a larger overall industry, the forces that affect your industry as a whole will inevitably affect your business as well.<\/p><p>Evaluating your industry and market increases your own knowledge of the factors that contribute to your company\u2019s success and shows the readers of your business plan that you understand the external business conditions.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16c98b5 elementor-widget elementor-widget-heading\" data-id=\"16c98b5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">External Support<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1710a05 elementor-widget elementor-widget-text-editor\" data-id=\"1710a05\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ); font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">In fact, if you are seeking outside financing, potential backers will most definitely be interested in industry and market conditions and trends.<\/span><\/p><p>You will make a positive impression and have a better chance of getting their support if you show market analysis that strengthens your business case, combining relevant and reliable data with sound judgement.<\/p><p>Let\u2019s break down how to do exactly that, step by step:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f8b46e elementor-widget elementor-widget-heading\" data-id=\"9f8b46e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">HOW To Do Market Analysis: Step-by-Step<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-737288d elementor-widget elementor-widget-uael-infobox\" data-id=\"737288d\" data-element_type=\"widget\" data-widget_type=\"uael-infobox.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n<div class=\"uael-module-content uael-infobox uael-imgicon-style-normal  uael-infobox-left  infobox-has-icon uael-infobox-icon-left  uael-infobox-image-valign-top  uael-infobox-stacked-tablet  uael-infobox-link-type-none\">\n\t<div class=\"uael-infobox-left-right-wrap\">\n\t\t\t\t\t\t\t\t<div class=\"uael-module-content uael-imgicon-wrap \">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uael-icon-wrap elementor-animation-bounce-in\">\n\t\t\t\t\t\t\t\t<span class=\"uael-icon\">\n\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"uael-infobox-content\">\n\t\t\t\t\t\t<div class='uael-infobox-title-wrap'><\/div>\t\t\t\t\t\t\t\t\t<div class=\"uael-infobox-text-wrap\">\n\t\t\t\t<div class=\"uael-infobox-text elementor-inline-editing\" data-elementor-setting-key=\"infobox_description\" data-elementor-inline-editing-toolbar=\"advanced\">\n\t\t\t\t\tMarket analysis reveals information about the total market with emphasis on your target market, where you get clear understanding of who will purchase your product or service and why customers will choose your company over the competition.\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"uael-separator-parent\">\n\t\t\t\t<div class=\"uael-separator\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e664c7b elementor-widget elementor-widget-text-editor\" data-id=\"e664c7b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>So, let\u2019s break up how market analysis is done into three steps:<\/p><ol><li><strong>Industry:<\/strong>\u00a0the total market<\/li><li><strong>Target Market:<\/strong> specific segments of the industry that you will target<\/li><li><strong>Target Customer:<\/strong> characteristics of the customers that you will focus on <\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d6dbee elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0d6dbee\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-334c32c elementor-widget elementor-widget-heading\" data-id=\"334c32c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Step 1: Industry Analysis<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cad0b7 elementor-widget elementor-widget-heading\" data-id=\"3cad0b7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">How Do You Define an Industry?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de4f8a1 elementor-widget elementor-widget-uael-infobox\" data-id=\"de4f8a1\" data-element_type=\"widget\" data-widget_type=\"uael-infobox.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n<div class=\"uael-module-content uael-infobox uael-imgicon-style-normal  uael-infobox-left  infobox-has-icon uael-infobox-icon-left  uael-infobox-image-valign-top  uael-infobox-stacked-tablet  uael-infobox-link-type-none\">\n\t<div class=\"uael-infobox-left-right-wrap\">\n\t\t\t\t\t\t\t\t<div class=\"uael-module-content uael-imgicon-wrap \">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uael-icon-wrap elementor-animation-bounce-in\">\n\t\t\t\t\t\t\t\t<span class=\"uael-icon\">\n\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"uael-infobox-content\">\n\t\t\t\t\t\t<div class='uael-infobox-title-wrap'><\/div>\t\t\t\t\t\t\t\t\t<div class=\"uael-infobox-text-wrap\">\n\t\t\t\t<div class=\"uael-infobox-text elementor-inline-editing\" data-elementor-setting-key=\"infobox_description\" data-elementor-inline-editing-toolbar=\"advanced\">\n\t\t\t\t\tIndustry consists of all businesses offering a similar product or service, other businesses closely related to that product or service, and supply and distribution systems supporting such companies. \t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"uael-separator-parent\">\n\t\t\t\t<div class=\"uael-separator\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d9342c elementor-widget elementor-widget-text-editor\" data-id=\"5d9342c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>For example, the fashion industry includes fabric suppliers, designers, companies making finished clothing, distributors, sales representatives, trade publications, retail outlets online and on the high street.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-475683b elementor-widget elementor-widget-heading\" data-id=\"475683b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">How Do You Analyze an Industry?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d995631 elementor-widget elementor-widget-text-editor\" data-id=\"d995631\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Briefly describe your industry, including the following considerations:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2c42e7 elementor-widget elementor-widget-heading\" data-id=\"f2c42e7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">1.1. Economic Conditions<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec5e5d7 elementor-widget elementor-widget-text-editor\" data-id=\"ec5e5d7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Outline the current and projected economic conditions that influence the industry your business operates in, such as:<\/p><ul><li>Official <strong>economic indicators<\/strong> like GDP or inflation<\/li><li><strong>Labour<\/strong> <strong>market<\/strong> statistics<\/li><li><strong>Foreign trade<\/strong> (e.g., import and export statistics)<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0f3edcf elementor-widget elementor-widget-spacer\" data-id=\"0f3edcf\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04597c5 elementor-widget elementor-widget-heading\" data-id=\"04597c5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">1.2. Industry Description<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a85a1dc elementor-widget elementor-widget-text-editor\" data-id=\"a85a1dc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Highlight the distinct characteristic of your industry, including:<\/p><ul><li><strong>Market leaders<\/strong>, major <strong>customer<\/strong> groups and customer loyalty<\/li><li>Supply chain and distribution <strong>channels<\/strong><\/li><li><strong>Profitability<\/strong> (e.g., pricing, cost structure, margins), financials<\/li><li>Key <strong>success factors<\/strong><\/li><li><strong>Barriers to entry<\/strong> preventing new companies from competing in the industry<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e14e4d elementor-widget elementor-widget-spacer\" data-id=\"4e14e4d\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1b98f32 elementor-widget elementor-widget-heading\" data-id=\"1b98f32\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">1.3. Industry Size and Growth <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc0597a elementor-widget elementor-widget-text-editor\" data-id=\"bc0597a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Estimate the size of your industry and analyze how industry growth affects your company\u2019s prospects:<\/p><ul><li>Current <strong>size<\/strong> (e.g., revenues, units sold, employment)<\/li><li>Historic and projected industry <strong>growth rate<\/strong> (low\/medium\/high)<\/li><li><strong>Life-cycle stage<\/strong>\/maturity (emerging\/expanding\/ mature\/declining)<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b0a871d elementor-widget elementor-widget-spacer\" data-id=\"b0a871d\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10540df elementor-widget elementor-widget-heading\" data-id=\"10540df\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">1.4. Industry Trends<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-737a997 elementor-widget elementor-widget-text-editor\" data-id=\"737a997\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Industry Trends:<br \/><\/strong>Describe the key industry trends and evaluate the potential impact of PESTEL (political \/ economic \/ social \/ technological \/ environmental \/ legal) changes on the industry, including the level of sensitivity to:<\/li><\/ul><ul><li style=\"list-style-type: none;\"><ul><li>Seasonality<\/li><li>Economic cycles<\/li><li>Government regulation (e.g. environment, health and safety, international trade, performance standards, licensing\/certification\/fair trade\/deregulation, product claims)<br \/>Technological change<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a2b2436 elementor-widget elementor-widget-text-editor\" data-id=\"a2b2436\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Global Trends:<br \/><\/strong>Outline global trends affecting your industry<\/li><\/ul><ul><li style=\"list-style-type: none;\"><ul><li>Identify global industry concerns and opportunities<\/li><li>International markets that could help to grow your business<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-401b1be elementor-widget elementor-widget-text-editor\" data-id=\"401b1be\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><span style=\"background-color: transparent; color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ); font-weight: var( --e-global-typography-text-font-weight );\"><strong>Strategic Opportunity:<br \/><\/strong><\/span>Highlight the strategic opportunities that exist in your industry<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-434a3bf elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"434a3bf\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42f93e6 elementor-widget elementor-widget-heading\" data-id=\"42f93e6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Step 2: Target Customer Identification<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87f6fd5 elementor-widget elementor-widget-heading\" data-id=\"87f6fd5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Who is a Target Customer?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8dd7d60 elementor-widget elementor-widget-uael-infobox\" data-id=\"8dd7d60\" data-element_type=\"widget\" data-widget_type=\"uael-infobox.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n<div class=\"uael-module-content uael-infobox uael-imgicon-style-normal  uael-infobox-left  infobox-has-icon uael-infobox-icon-left  uael-infobox-image-valign-top  uael-infobox-stacked-tablet  uael-infobox-link-type-none\">\n\t<div class=\"uael-infobox-left-right-wrap\">\n\t\t\t\t\t\t\t\t<div class=\"uael-module-content uael-imgicon-wrap \">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uael-icon-wrap elementor-animation-bounce-in\">\n\t\t\t\t\t\t\t\t<span class=\"uael-icon\">\n\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"uael-infobox-content\">\n\t\t\t\t\t\t<div class='uael-infobox-title-wrap'><\/div>\t\t\t\t\t\t\t\t\t<div class=\"uael-infobox-text-wrap\">\n\t\t\t\t<div class=\"uael-infobox-text elementor-inline-editing\" data-elementor-setting-key=\"infobox_description\" data-elementor-inline-editing-toolbar=\"advanced\">\n\t\t\t\t\tTarget customer is a person that a business has identified as the most likely to purchase its product or service\u2013also known as an 'ideal customer', 'buyer persona', or 'customer avatar'\u2013and defined by specific demographic, psychographic, geographic and other characteristics. \t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"uael-separator-parent\">\n\t\t\t\t<div class=\"uael-separator\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9ffcd2e elementor-widget elementor-widget-text-editor\" data-id=\"9ffcd2e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>One business can have\u2013and often does have\u2013more than one target customer group.<\/p><p>The success of your business depends on your ability to meet the needs and wants of your customers. So, in a business plan, your aim is to assure readers that:<\/p><ul><li>Your customers actually exist<\/li><li>You know exactly who they are and what they want<\/li><li>They are ready for what you have to offer and are likely to actually buy<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-684b1c7 elementor-widget elementor-widget-spacer\" data-id=\"684b1c7\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fba8a3 elementor-widget elementor-widget-heading\" data-id=\"7fba8a3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">How Do You Identify an Ideal Target Customer?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14d933b elementor-widget elementor-widget-heading\" data-id=\"14d933b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">2.1. Target Customer<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bb80fc elementor-widget elementor-widget-text-editor\" data-id=\"6bb80fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>Identify the customer, remembering that the decision-maker who makes the purchase can be a different person or entity than the end-user.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e02f04 elementor-widget elementor-widget-spacer\" data-id=\"3e02f04\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-56fa56e elementor-widget elementor-widget-heading\" data-id=\"56fa56e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">2.2. Demographics<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f0d598 elementor-widget elementor-widget-text-editor\" data-id=\"8f0d598\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>For consumers (<em>demographics<\/em>):<\/strong> Age, gender, income, occupation, education, family status, home ownership, lifestyle (e.g., work and leisure activities)<\/li><li><strong>For businesses (<em>firmographic<\/em>):<\/strong> Industry, sector, years in business, ownership, size (e.g., sales, revenues, budget, employees, branches, sq footage)<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27b3654 elementor-widget elementor-widget-spacer\" data-id=\"27b3654\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca3cfe7 elementor-widget elementor-widget-heading\" data-id=\"ca3cfe7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">2.3. Geographic Location<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c752b8a elementor-widget elementor-widget-text-editor\" data-id=\"c752b8a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>Where are your customers based, where do they buy their products\/services and where do they actually use them<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-128df98 elementor-widget elementor-widget-spacer\" data-id=\"128df98\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c20a1a0 elementor-widget elementor-widget-heading\" data-id=\"c20a1a0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">2.4 Purchasing Patterns<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66f72e9 elementor-widget elementor-widget-text-editor\" data-id=\"66f72e9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>Identify customer behaviors, i.e., what actions they take<\/li><li>Explain the customer buying habits, behavior and patterns in terms of:<ul><li>what<\/li><li>when<\/li><li>how<\/li><li>how much<\/li><li>how frequently<\/li><li>and how quickly they buy<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-833e9f3 elementor-widget elementor-widget-spacer\" data-id=\"833e9f3\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a7d4da9 elementor-widget elementor-widget-heading\" data-id=\"a7d4da9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">2.5. Psychographics<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c37463 elementor-widget elementor-widget-text-editor\" data-id=\"1c37463\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>Identify customer attitudes, i.e., how they think or feel<br \/><br \/><\/li><li>Explain the most important factors, reasons, motivations, preferences, priorities and sensitivities that influence customers\u2019 purchasing decisions, for example:<ul><li>Urgency, price, quality, reputation, image, convenience, availability, features, brand, customer service, return policy, sustainability, eco-friendliness, supporting local business<\/li><li>Necessity\/luxury, high involvement bit ticket item \/ low involvement consumable<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ebe1c0c elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"ebe1c0c\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dbe2dc0 elementor-widget elementor-widget-heading\" data-id=\"dbe2dc0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Step 3: Target Market Analysis<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-69c582b elementor-widget elementor-widget-heading\" data-id=\"69c582b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What is a Target Market?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e5ff84 elementor-widget elementor-widget-uael-infobox\" data-id=\"2e5ff84\" data-element_type=\"widget\" data-widget_type=\"uael-infobox.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n<div class=\"uael-module-content uael-infobox uael-imgicon-style-normal  uael-infobox-left  infobox-has-icon uael-infobox-icon-left  uael-infobox-image-valign-top  uael-infobox-stacked-tablet  uael-infobox-link-type-none\">\n\t<div class=\"uael-infobox-left-right-wrap\">\n\t\t\t\t\t\t\t\t<div class=\"uael-module-content uael-imgicon-wrap \">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uael-icon-wrap elementor-animation-bounce-in\">\n\t\t\t\t\t\t\t\t<span class=\"uael-icon\">\n\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"uael-infobox-content\">\n\t\t\t\t\t\t<div class='uael-infobox-title-wrap'><\/div>\t\t\t\t\t\t\t\t\t<div class=\"uael-infobox-text-wrap\">\n\t\t\t\t<div class=\"uael-infobox-text elementor-inline-editing\" data-elementor-setting-key=\"infobox_description\" data-elementor-inline-editing-toolbar=\"advanced\">\n\t\t\t\t\t<p>Target market, or 'target audience', is a group of people that a business has identified as the most likely to purchase its offering, defined by demographic, psychographic, geographic and other characteristics. Target market may be broken down to target customers to customize marketing efforts.<\/p>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"uael-separator-parent\">\n\t\t\t\t<div class=\"uael-separator\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9599a1 elementor-widget elementor-widget-heading\" data-id=\"e9599a1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">How Do You Analyze a Target Market?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-916c1c2 elementor-widget elementor-widget-text-editor\" data-id=\"916c1c2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>So, how many people are likely to become your customers?<\/p><p>To get an answer to this questions, narrow the industry into your target market with a manageable size, and identify its key characteristics, size and trends:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1bb965 elementor-widget elementor-widget-heading\" data-id=\"d1bb965\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">3.1. Target Market Description<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cec7a31 elementor-widget elementor-widget-text-editor\" data-id=\"cec7a31\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Define your target market by:<\/p><ul><li><strong>Type:<\/strong> B2C, B2B, government, non-profits<\/li><li><strong>Geographic reach:<\/strong> Specify the geographic location and reach of your target market<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d891042 elementor-widget elementor-widget-spacer\" data-id=\"d891042\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04d8250 elementor-widget elementor-widget-heading\" data-id=\"04d8250\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">3.2. Market Size and Share<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26e5801 elementor-widget elementor-widget-text-editor\" data-id=\"26e5801\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Estimate how large is the market for your product or service (e.g., number of customers, annual purchases in sales units and $ revenues). Explain the logic behind your calculation:<\/p><ul><li><strong>TAM<\/strong> (Total Available\/Addressable\/Attainable Market) is the total maximum demand for a product or service that could theoretically be generated by selling to everyone in the world who could possibly buy from you, regardless of competition and any other considerations and restrictions. <br \/><br \/><\/li><li><strong>SAM<\/strong> (Serviceable Available Market) is the portion of the TAM that you could potentially address in a specific market. For example, if your product\/service is only available in one country or language.<br \/><br \/><\/li><li><strong>SOM<\/strong> (Service Obtainable Market \/ Share of Market) is the share of the SAM that you can realistically carve out for your product or service. This the target market that you will be going after and can reasonably expect to convert into a customer base. <\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b79e22c elementor-widget elementor-widget-spacer\" data-id=\"b79e22c\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-897be8f elementor-widget elementor-widget-heading\" data-id=\"897be8f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">3.3. Market Trends<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6155696 elementor-widget elementor-widget-text-editor\" data-id=\"6155696\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Illustrate the most important themes, changes and developments happening in your market. Explain the reasons behind these trends and how they will favor your business.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c97692 elementor-widget elementor-widget-heading\" data-id=\"8c97692\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">3.4. Demand Growth Opportunity<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eda79ec elementor-widget elementor-widget-text-editor\" data-id=\"eda79ec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Estimate future demand for your offering by translating past, current and future market demand trends and drivers into forecasts:<\/p><ul><li><strong>Historic growth: <\/strong>Check how your target market has grown in the past. <\/li><li><strong>Drivers past:<\/strong> Identify what has been driving that growth in the past. <\/li><li><strong>Drivers future:<\/strong> Assess whether there will be any change in influence of these and other drivers in the future. <\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa9ea23 elementor-widget elementor-widget-spacer\" data-id=\"aa9ea23\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a689915 elementor-widget elementor-widget-heading\" data-id=\"a689915\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">How Big Should My Target Market Be?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fadd229 elementor-widget elementor-widget-text-editor\" data-id=\"fadd229\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Well, if the market opportunity is small, it will limit how big and successful your business can become. In fact, it may even be too small to support a successful business at all.<\/p><p>On the other hand, many businesses make the mistake of trying to appeal to too many target markets, which also limits their success by distracting their focus.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5aad40e elementor-widget elementor-widget-heading\" data-id=\"5aad40e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What If My Stats Look Bad?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de1c764 elementor-widget elementor-widget-text-editor\" data-id=\"de1c764\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Large and growing market suggests promising demand for your offering now and into the future. Nevertheless, your business can still thrive in a smaller or contracting market.<\/p><p>Instead of hiding from unfavorable stats, acknowledge that you are swimming against the tide and devise strategies to cope with whatever lies ahead.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-44f17d0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"44f17d0\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2657b3f elementor-widget elementor-widget-heading\" data-id=\"2657b3f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Step 4: Industry and Market Analysis Research<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27d7893 elementor-widget elementor-widget-text-editor\" data-id=\"27d7893\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The market analysis section of your business plan should illustrate your own industry and market knowledge as well as the key findings and conclusions from your research.<\/p><p>Back up your findings with external research sources (= secondary research) and results of internal market research and testing (= primary research). <\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-294cac5 elementor-widget elementor-widget-heading\" data-id=\"294cac5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What is Primary and Secondary Market Research?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c370419 elementor-widget elementor-widget-text-editor\" data-id=\"c370419\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Yes, there are two main types of market research &#8211; primary and secondary \u2013 and you should do both to adequately cover the market analysis section of your business plan:<\/p><ul><li><strong><em>Primary market<\/em><\/strong> research is <strong>original<\/strong> data you gather yourself, for example in the form of <strong>active fieldwork<\/strong> collecting specific information in your market.<br \/><br \/><\/li><li><em><strong>Secondary market research<\/strong><\/em> involves collating information from <strong>existing<\/strong> data, which has been researched and shared by reliable <strong>outside sources<\/strong>. This is essentially passive desk research of information <strong>already published<\/strong>.<\/li><\/ul><p><br \/>Unless you are working for a corporation, this exercise is not about your ability to do professional-level market research.<\/p><p>Instead, you just need to demonstrate fundamental understanding of your business environment and where you fit in within the market and broader industry.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7de9bbd elementor-widget elementor-widget-heading\" data-id=\"7de9bbd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Why Do You Need To Do Primary & Secondary Market Research?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-766e82f elementor-widget elementor-widget-uael-infobox\" data-id=\"766e82f\" data-element_type=\"widget\" data-widget_type=\"uael-infobox.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n<div class=\"uael-module-content uael-infobox uael-imgicon-style-normal  uael-infobox-left  infobox-has-icon uael-infobox-icon-left  uael-infobox-image-valign-top  uael-infobox-stacked-tablet  uael-infobox-link-type-none\">\n\t<div class=\"uael-infobox-left-right-wrap\">\n\t\t\t\t\t\t\t\t<div class=\"uael-module-content uael-imgicon-wrap \">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uael-icon-wrap elementor-animation-bounce-in\">\n\t\t\t\t\t\t\t\t<span class=\"uael-icon\">\n\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"uael-infobox-content\">\n\t\t\t\t\t\t<div class='uael-infobox-title-wrap'><\/div>\t\t\t\t\t\t\t\t\t<div class=\"uael-infobox-text-wrap\">\n\t\t\t\t<div class=\"uael-infobox-text elementor-inline-editing\" data-elementor-setting-key=\"infobox_description\" data-elementor-inline-editing-toolbar=\"advanced\">\n\t\t\t\t\tMarket and industry research will enable you to incorporate the knowledge about your business environment into making solid decisions about the strategic direction of your company and make the business plan reader feel more comfortable with your potential for success.\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"uael-separator-parent\">\n\t\t\t\t<div class=\"uael-separator\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55f97eb elementor-widget elementor-widget-text-editor\" data-id=\"55f97eb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>There are <strong>countless<\/strong> ways you could go collecting industry and market research data, depending on the type of your business, what your business plan is for, and what your needs, resources and circumstances are.<\/p><p>For <strong>tried and tested tips<\/strong> on how to properly conduct your market research, read the next section of this guide that is dedicated to primary and secondary market research methods.<\/p><p>In any case, tell the reader <strong>how<\/strong> you carried out your market research. Prove what the facts are and where you got your data. Be as specific as possible. <strong>Provide<\/strong> <strong>statistics, numbers, and sources.<\/strong><\/p><p>When doing secondary research, always make sure that all stats, facts and figures are from <strong>reputable<\/strong> sources and properly referenced in both the main text and the Appendix of your business plan. This gives more <strong>credibility<\/strong> to your business case as the reader has more confidence in the information provided.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35520c5 elementor-widget elementor-widget-text-editor\" data-id=\"35520c5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Go to the <a href=\"https:\/\/emilien2.sg-host.com\/market-research-primary-secondary\/\" target=\"_blank\" rel=\"noopener\">Primary and Secondary Market Research<\/a> post for my best tips on industry, market and competitor research.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9712faa elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9712faa\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-191d4bc elementor-widget elementor-widget-heading\" data-id=\"191d4bc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">7 TOP TIPS For Writing Market Analysis<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-243d992 elementor-widget elementor-widget-heading\" data-id=\"243d992\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">1. Realistic Projections<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3205d41 elementor-widget elementor-widget-text-editor\" data-id=\"3205d41\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Above all, make sure that you are realistic in your projections about how your product or service is going to be accepted in the market, otherwise you are going to seriously undermine the credibility of your entire business case.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ecb0a88 elementor-widget elementor-widget-heading\" data-id=\"ecb0a88\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2. Laser Focus<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e376664 elementor-widget elementor-widget-text-editor\" data-id=\"e376664\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Discuss only characteristic of your target market and customers that are observable, factual and meaningful, i.e. directly relate to your customers\u2019 decision to purchase.<\/p><p>Always relate the data back to your business. Market statistics are meaningless until you explain where and how your company fits in.<\/p><p>For example, as you write about the market gap and the needs of your target customers, highlight how you are uniquely positioned to fill them.<\/p><p>In other words, your goal is to:<\/p><ol><li><strong>Present<\/strong> your data<\/li><li><strong>Analyze<\/strong> the data<\/li><li><strong>Tie<\/strong> the data <strong>back<\/strong> <strong>to<\/strong> how your <strong>business<\/strong> can thrive within your target market<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74e4821 elementor-widget elementor-widget-spacer\" data-id=\"74e4821\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e55b74 elementor-widget elementor-widget-heading\" data-id=\"6e55b74\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3. Target Audience<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9a5af1 elementor-widget elementor-widget-text-editor\" data-id=\"d9a5af1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>On a similar note, tailor the market analysis to your target audience and the specific purpose at hand.<\/p><p>For example, if your business plan is for internal use, you may not have to go into as much detail about the market as you would have for external financiers, since your team is likely already very familiar with the business environment your company operates in. <\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-651c1de elementor-widget elementor-widget-heading\" data-id=\"651c1de\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">4. Story Time<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-00cea13 elementor-widget elementor-widget-text-editor\" data-id=\"00cea13\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Make sure that there is a compelling storyline and logical flow to the market information presented.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a56aaee elementor-widget elementor-widget-heading\" data-id=\"a56aaee\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">5. Visuals<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aeef57f elementor-widget elementor-widget-text-editor\" data-id=\"aeef57f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The saying \u201ca picture is worth a thousand words&#8221; certainly applies here. Industry and market statistics are easier to understand and more impactful if presented as a chart or graph.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0a8559 elementor-widget elementor-widget-heading\" data-id=\"f0a8559\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">6. Information Overload<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-846dff9 elementor-widget elementor-widget-text-editor\" data-id=\"846dff9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Keep your market analysis concise by only including pertinent information. No fluff, no repetition, no drowning the reader in a sea of redundant facts.<\/p><p>While you should not assume that the reader knows anything about your market, do not elaborate on unnecessary basic facts either.<\/p><p>Do not overload the reader in the main body of the business plan. Move everything that is not essential to telling the story into the Appendix. For example, summarize the results of market testing survey in the main body of the business plan document, but move the list of the actual survey questions into the appendix.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0427fdb elementor-widget elementor-widget-heading\" data-id=\"0427fdb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">7. Marketing Plan<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ae58729 elementor-widget elementor-widget-text-editor\" data-id=\"ae58729\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Note that market analysis and marketing plan are two different things, with two distinct chapters in a business plan.<\/p><p>As the name suggests, market analysis examines where you fit in within your desired industry and market. As you work thorugh this section, jot down your ideas for the marketing and strategy section of your business plan.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a6d515 elementor-widget elementor-widget-heading\" data-id=\"0a6d515\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Final Thoughts<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf1f7fc elementor-widget elementor-widget-text-editor\" data-id=\"cf1f7fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Remember that the very <strong>act of doing<\/strong> the research and analysis is a great opportunity to learn things that affect your business that you did not know before, so <strong>take your time<\/strong> doing the work.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7019d63 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"7019d63\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f18bf7 elementor-widget elementor-widget-heading\" data-id=\"5f18bf7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Related Questions<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1433e0 elementor-widget elementor-widget-heading\" data-id=\"b1433e0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What is the PURPOSE of Industry & Market Research and Analysis?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e78e67b elementor-widget elementor-widget-text-editor\" data-id=\"e78e67b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The purpose of industry and market research and analysis is to qualitatively and quantitatively assess the environment of a business and to confirm that the market opportunity is sufficient for sustainable success of that business.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6de5d4 elementor-widget elementor-widget-heading\" data-id=\"c6de5d4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Why are Industry & Market Research and Analysis IMPORTANT?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2b0112 elementor-widget elementor-widget-text-editor\" data-id=\"f2b0112\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Industry and market research and analysis are important because they allow you to gain knowledge of the industry, the target market you are planning to sell to, and your competition, so you can make informed strategic decisions on how to make your business succeed.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2be963a elementor-widget elementor-widget-heading\" data-id=\"2be963a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">How Can Industry & Market Research and Analysis BENEFIT a Business?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ad1bde elementor-widget elementor-widget-text-editor\" data-id=\"6ad1bde\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Industry and market research and analysis benefit a business by uncovering opportunities and threats within its environment, including attainable market size, ideal target customers, competition and any potential difficulties on the company\u2019s journey to success.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3490d3c3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3490d3c3\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4251dd90\" data-id=\"4251dd90\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-535a559d elementor-widget elementor-widget-heading\" data-id=\"535a559d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-large\">Sign up for our 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