1. 4.05 P ART 1 B USINESS P LAN -M ARKET A NALYSIS SEM2

2. W HAT IS A BUSINESS PLAN AND WHY DO I NEED ONE ? In its simplest form, a business plan is a guide— a roadmap for your business that outlines goals and details how you plan to achieve those goals.

3. P ARTS OF A B USINESS P LAN

4. M ARKET A NALYSIS The market analysis of your business should illustrate your industry and market knowledge as well as any of your research findings and conclusions

5. W HAT TO I NCLUDE IN Y OUR M ARKET A NALYSIS Industry Description and Outlook Information About Your Target Market Distinguishing characteristics of your customers (demographics, needs, geographics, seasonal or cyclical trends) Size of the primary target market How much market share can you gain? Pricing and gross margin targets Competitive Analysis Regulatory Restrictions

6. Complete sections 1, 2, 3, 6, 7, and 8 of the Virtual Advisor tutorial Conduct a Market Analysis, located at http://www.kutztownsbdc.org/Virtual-Advisor/12-Conduct-a-Marketing-Analysis/. As you work your way through the tutorial, create a checklist of the steps needed to complete a market analysis. http://www.kutztownsbdc.org/Virtual-Advisor/12-Conduct-a-Marketing-Analysis/ When finished with the tutorial, review the Virtual Advisor’s Conduct a Market Analysis worksheet found at http://www.kutztownsbdc.org/Virtual-Advisor/12-Conduct-a-Marketing-Analysis/marketanalysisworksheet.htmhttp://www.kutztownsbdc.org/Virtual-Advisor/12-Conduct-a-Marketing-Analysis/marketanalysisworksheet.htm.