A market analysis is the process of gathering information about a market within YOURindustry. Your analysis studies the dynamics of a market and what makes potential customers tick.

A market analysis may seem complex, but it's necessary if you want to lead your business in the direction of success.

Conduct a preliminary market analysis, answering the following using complete, detailedsentences:

• Who are my potential customers?
• What are my customers' shopping and buying habits?
• How large is my target market?
• How much are potential customers willing to pay?
• Who is my competition?
• What are my competitors' strengths and weaknesses?

Your market analysis can make or break your startup. Analyzing markets helps you reduce risks because you can better understand your customers and market conditions.

Your analysis also helps you clarify what makes you different from the competition. That way, you know what makes you stand out. Or, you know what you need to do to set yourself apart." (excerpted from Patriot Software)