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Write a Business Plan
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Step 6:
Address the market
The market analysis will describe who exactly is going to buy your product. Here are the questions to address:
What are the ages, income levels, and location of your customers? Establish a clear demographic.
What are their needs and how does your product meet them?
What products are they currently buying to meet the same need?
You've shown who needs your product; now it's time to prove you can actually get them to buy it. That's where your marketing plan comes in. And the more creative it is, the better. Just make sure it answers these basic questions:
What is your overall marketing strategy?
How do you initially plan to inform and educate customers about your product?
How will you generate sales over the long term?
How will you price products?
Will you hire a sales team? If so, what will its function be?
What is your distribution scheme--how will the product reach the customer?
Will you hire public relations professionals?
Do you plan to use advertising? How?
What will your overall marketing costs be? What percentage of your total costs does this entail?
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