Market Analysis Worksheet
Your Market Analysis will follow your industry analysis in your business plan. You will use both your industry
analysis and your market research to help form your market analysis. You will be zoning in on your specific
target market, customers and competitors. You will also explain how your business intends to compete in the
market and determine your potential sales and your market share.
After completing the following questions you should be able to create the market analysis section of your
business plan.
Define your Target Market
Tip: Take a look at who your competitors are targeting. Try to avoid targeting the same exact same group.
First list all the features of your product or service and the benefit that goes along with that service.
Feature
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Benefit
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Now list all the prominent benefits and beside each target customer(s) that require those benefits.
Benefit
Target Customer to Market to
Now that you have a list of customers that will benefit from your service, create a profile for each of your target
customers.
Customer Group
Age
Location
Gender
Income
Family Status
Occupation
Values
Other
What type of
media do they
enjoy? Online,
newspaper etc.
How and when
will they require
your product or
service?
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Customer Group
Age
Location
Gender
Income
Family Status
Occupation
Values
Other
What type of
media do they
enjoy? Online,
newspaper etc.
How and when
will they require
your product or
service?
Customer Group
Age
Location
Gender
Income
Family Status
Occupation
Values
Other
What type of
media do they
enjoy? Online,
newspaper etc.
How and when
will they require
your product or
service?
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Based on your research, what is the main reason that customers will be purchasing your product? Are they
located close to your business? Do you offer the best price, or innovative benefits? Explain in your market
analysis what sets you apart.
Estimate (based on research) how many customers are in your target area. If your business is local it should be
relatively easy to determine the number of customers in your target markets that live in your area. If your
business is also run online further research will have to be completed based on internet usage and demographic
preferences.
Estimate of customers in target area:
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Competitor Analysis
Identify each type of competitor and advantages you have on them as well as how you may be at a
disadvantage. Study competitors’ websites, advertising and in some cases consider purchasing their product to
determine reasons that your product will be superior. Different types of competitors include:
•
•
•
Direct competitors are businesses competing in the same market as you, for the same customers.
Indirect, not a direct threat, but gives the customer another viable option. For example a company
manufacturing tea may have coffee as an indirect competitor; whereas other brands of tea are direct
competitors.
Future potential competitors are businesses that may open in the future, (franchises that may move into
your area etc.)
List 5 of your direct competitors:
List a few indirect competitors and possible future competitors:
How is the health of your competition? Is it growing or declining?
What can you learn from their business in term of advertising, customer service or operations?
How does their product or service differ from yours?
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Competitive Analysis Grid
Fill out all that apply.
Company Name
Competitor
1:
Competitor
2:
Competitor
3:
Competitor
4:
Competitor
5:
Your
Company:
Location
Advantage/
Disadvantage
Price Points
Advantage/
Disadvantage
Marketing Efforts
Advantage/
Disadvantage
Product/ Service
Advantage/
Disadvantage
Distribution
Advantage/
Disadvantage
Operations
Advantage/
Disadvantage
Other:
Advantage/
Disadvantage
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SWOT Analysis
S
W
O
T
S = Strengths are helpful points about your business, these are internal.
W = Weaknesses are points about your business that may hinder your growth, they are also internal.
O = Opportunities are helpful factors that affect your business, these are external.
T = Threats are areas outside of your business that may hinder growth, they are also external.
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