Indian Market is one of the fastest growing market in the world.India is a land of diverse culture, language, religion and tradition. India has the largest English speaking population in the world. India has legalised gay marriage, however many countries like Sri Lanka are still not open to the idea.
It is a fact that the percentage of Indians going online has risen by leaps and bounds in the recent past. It has been estimated in 2013 that more than 78 million unique Indian Internet users will log on to the Internet with an aim to seek information, research products andperform online transactions.
Business plan for indian market
If you are planning to start a new business in India, it is important that you know the market trends and what is happening in the industry. This will help you identify your target customers and give you an idea about how much money to invest in your business.
In order to start a business in India, you will have to create a business plan. A business plan for Indian market can be written by anyone who is planning to start a business or has already started one. The purpose of this article is to give you some tips on how to write a business plan for Indian market.
What is market in business plan?
The first thing that comes up when we talk about market is the number of people who need or want your product or service. For example, if you want to sell cookware, then it would be beneficial for you to know how many people use cookware at home every day. This would also help you identify other products that could complement your product line as well as give you an idea about how much money is being spent on cookware every year.
One way of finding out market trends is by reading newspapers and watching television shows related
Indian market is a very huge and growing market. There are many business opportunities for startups and entrepreneurs from India to get their business online and start earning money from it.
But the problem is that there is no proper market research available for Indian businesses. So, it is difficult for any entrepreneur to know about the current scenario of indian business world.
Here are some points that you need to consider while writing a business plan for your startup or existing business:
1) Target Market: This is one of the most important things that you need to keep in mind while writing a business plan. You need to determine who will be your target audience? Who will buy your products? What kind of products do they like? What kind of services do they prefer? Do they prefer local or international brands? Do they prefer online shopping or offline shopping? You need answers to all these questions before you start writing your business plan.
2) Competitors: Who are all your competitors in the market? How much competition do you have from them? What price range do they offer their services/products at? What type of products/services do they offer? Are these products/services similar to yours? If yes then how.
Market trends business plan example
A market trend is a significant change in the behavior or characteristics of a market. The ability to identify and capitalize on trends is an important part of strategic planning. A company can not only be successful in its own niche market but also make money by creating products that appeal to customers who are looking for something new.
Trends can be identified through research, observation and experience. What’s popular today is likely to be popular tomorrow, but it also may be replaced by something else entirely.
Market trends are based on many factors including:
Customer preferences – how customers feel about products and services they use regularly
Economic indicators – unemployment rates, interest rates, inflation rates
Demographic changes – population growth rates, age distribution patterns, birth rates and death rates
If you are planning to start a new business, you will need to create a business plan. The purpose of this document is not only to explain the idea behind your business, but also to convince investors and other professionals that your company is worth investing in. It is also an important tool for managing your business.
Business plans come in many shapes and sizes, but most include:
Executive summary: This section summarizes your key points and provides a brief introduction to the rest of the document.
Company description: Describe who will work for your business, how long it has been around, what it does, its legal structure and any other pertinent information about its history or background.
Products or services: Describe the products or services offered by your company in detail. Include any information about quality control procedures used during production or distribution processes.
Marketing strategy: Describe how you plan on promoting your products and services through advertising campaigns, public relations efforts or other means of communication with potential buyers. Include projected costs for these activities in this section as well as projected sales figures over time based on market research data gathered prior to writing this section of the plan.
Competitors: Describe how they operate their businesses and what makes them successful within their indusry.
