One of the first parts of the business plan is describing and understanding the outlook for your business sector and also the target market. The business plan also needs to explain the strategy for attracting and retaining customers. The business plan should also include the value of the product/service from the target market's perspective. In this section of the Business Plan activity, discuss the following:

1. How you will define the product/service value for the target market's perspective.
2. Plans for staying abreast of market trends and how this will be reflected in your marketing strategy.
3. The type of competitive research needed to understand the competition and market trends.
4. The strategies and actions you will take to attract and retain customers