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Contents
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The
Market and your Competitors
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The third section
should cover all the relevant information about the market you
will be entering and who your competitors will be. You should
write in here the results of any market research that has been
undertaken, and be able to demonstrate that you are fully aware
of how the market operates, its drivers and trends, that you
will be participating in
• define your market
• quantify your market, for example, it’s size, any relevant
statistics
• explain your market, for example, any trends, any pending
legislation, use business tools such as PESTEL and Ansoff’s
Matrix to explain if you are entering a new or existing market
with a new or existing service, explain whether there are any
restrictions on your market
• identify who your competition is and how much of the
market you will share together
• you should be able to demonstrate that you will be successful
in the market despite the current competition (if there is any)
• discuss who your targeted customer base will be and you
know that you will gain custom from them
• talk about any competitor analysis that you may have
carried out. For example, compare a SWOT analysis that you will
have done on your business in comparison to a SWOT analysis
of your competitors. Include here that you have thought about
the future as well, so if there were to be any anticipated changes,
how would you and your competitors react to these
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