Tag: Business

A part of your business plan is to define your target market: you need to describe who your target customers are to successfully market your goods or services towards them. Today we are going to learn about how to define and describe your prospective customers in your target market. First of all, what is a…

We brought up the business plan jargon “addressable market” when we were talking about defining your target market. Here we will discuss the difference between addressed and addressable markets. The addressable market is the largest part or group of individuals of the market which your business can target. It is the group of people who…

Today we are going to learn about and conduct a target market segmentation analysis so we can find and define our target market for your business plan. Here, we are going to segment your addressed market. By segmenting your customer base you will begin to understand your customer by knowing who they are and what…

We’re looking at combining business concepts, the final way you can generate a business concept. We’ve had a look at spotting a gap in the market and copying that business concept. There are a few ways you can combine business ideas: you can merge different elements of multiple business disciplines such as the creation some…

Once you have finished your business brainstorm session and have looked at the business concepts you’ve generated it is time for a business concept assessment. The secret in this step of the business startup and planning phase is to quickly check, rate and scrutinize the business opportunity to see if it can be a practical…