The term market research refers to the process of evaluating the viability of a new service or product through research conducted directly with potential customers.
This section of your business plan will need to present convincing evidence that your business is likely to meet with success in the market place. This section will detail the market as you see it for your business, using numbers derived from the research you have done in developing your business idea.
If you’re doing sales forecasts you can estimate the sales for several market areas (market segmentation). You’ll need to assess: