Explain the market section of a classic business plan.

Question

What will be an ideal response?

Answer 1

The market section talks about your customers-who they are and what they are like, who else is pursuing them, and how you plan to get or keep your customers. It comprises three subsections: Market and Target Customer, Competition and Competitive Advantage, and Marketing Strategy.
Market and Target Customer: The market refers to the total population of people or firms to whom you plan to sell, usually described in terms of size and scope. The target customer section focuses attention on the individual who would buy your product or service, described in terms of demographics, their relation to the product or service, how often they buy, their past experience with your kind of product or service, and what they are looking for when buying your product or service.
Competition and Competitive Advantage: It identifies the major competitors for your market by name and location with a mention of the competing product or service, its market share, price, competitive strength, and competitive weakness.
Marketing Strategy: good marketing strategy section focuses on three ideas: (1) The overall strategy your firm pursues in the market, (2) the sales plan that shows the specific ways you apply strategy to secure sales from your customers, and (3) the longer-term competitive plan that shows how you protect your firm from efforts of the competition to unseat you.