MANAGEMENT

Detailed explanation-1: -What are market needs? Market needs refer to the functional needs, desires and goals of a target audience. A company may identify an area of the market with unmet needs and create a product or service that addresses them. If that audience has a large amount of need, the company may receive a significant profit.

Detailed explanation-2: -The market analysis section of your business plan comes after the products or services section and should provide a detailed overview of the industry you intend to sell your product or service in, including statistics to support your claims.

Detailed explanation-3: -The Market Situation section of your plan includes research and analysis of your target market, competitors, business challenges, and your company’s competitive differentiators. It should contain your best and most clear description of the current state of the marketplace.

Detailed explanation-4: -A market analysis provides insights into potential customers and your competition. The core components of the market analysis are: Industry analysis: Assesses the general industry environment in which you compete. Target market analysis: Identifies and quantifies the customers that you will be targeting for sales.