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Research for a Business Plan: Overview

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Topics in Market Research for a Business Plan

Market Demographics

  • Demographics of the most typical customer, and psychographics, if available
  • Industry and geographic concentrations of customers

Market Size and Growth

  • Number of potential customers and total sales
  • Forecast for market growth
  • Demographic, social, and technological changes that support growth estimates

Market Needs and Trends

  • Needs and desires the product or service can fulfill
  • Emerging trends and changing customer needs in the market

Distribution and Spending Patterns

  • Current and emerging distribution channels in the market
  • How suppliers and customers are dispersed geographically
  • Primary ways in which customers choose vendors and typical purchase size and frequency

Competition

  • Major competitors and their locations, strengths, and weaknesses, their goods/services, and pricing
  • Barriers to entry
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Megan Heuer

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