Article: How To Size An Emerging Market In Your Business Plan
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How To Size An Emerging Market In Your Business Plan
In developing their business plans, companies of all sizes face the challenge of determining the size of their markets. To begin, companies must present the size of their ?relevant market? in their plans. The relevant market equals the company's sales if it were to capture 100% of its specific niche of the market. Conversely, stating that you were competing in the $1 trillion U.S. healthcare market, for example, is a telltale sign of a poorly reasoned business plan, as there is no company that could reap $1 trillion in healthcare sales. Defining and communicating a credible relevant market size is far more powerful than presenting generic industry figures.
The challenge that many firms face is their inability to size their relevant markets, particularly if they are competing...
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