Target Market _ Based on research, the target market section defines the ideal customers for your business. Who and where are your ideal customers? It defines income, gender, and level of education for your target market. When defining your target market, business owners should look at census, demographics, and other secondary information. A clearly defined target market enables business owners to better use resources to obtain new customers.
Situation Analysis _ This is the current state of your business. It is where the question of why you are in business is answered. What products do you offer? What problem are you trying to solve? Also, how is your business different than others? The situation analysis is a look at the inner_workings of your business to identify product and service offerings, differences, and the main reason why you exist. Business owners can build a firm foundation for their mission and vision statement with this information and are better able to communicate their value to customers.