Appendix $2$d$,$ Market Summary & Business Concept:

Market Summary: A market summary is all about the industry your business operates within.

Business is all about adapting to changing conditions with the marketplace as companies keep up with emerging trends. IBM started as a company making cash registers but today provides business solutions as one of the world's most prominent technology companies. Every business finds itself part of a larger industry. A Market Summary looks at external issues that are affecting the industry which your company is part of$.$ Think of it this way, what are the opportunities and what are the threats, not only to your company but, all other companies that also operate within the same market?

To answer this, you are going to have to do some research. I turn your attention to the US Department of Labor website and their Standard Industrial Classification codes $($SIC codes$).$ These are used by the department to database industry relevant information. You will need to look up the SIC code if you want the latest government information on your company's industry. Also, don't forget your college's own resources. Go to your library page and look up all the different searchable databases that are available for business related research.

Key topics for your market summary:

Size of the industry and is it growing or shrinking?

What type of customers demographics, use this industry's products?

Who are the major players in this industry?

What is the regulatory environment that affects your industry?

What are the major trends that shape your industry's future? What are the industries opportunities and threats?

The Business Concept: is all about your businesses and its operation.

This is where you get to describe your businesses and its internal strengths $($and weakness$).$ Too many business owners start their business without a clearly defined edge that will bring them customers. The saying "build it and they shall come" can be very disappointing when applied to finding customers for a new business. Therefore, you need to understand your businesses strengths and the opportunities. More importantly, by recognizing and understanding your weaknesses and business treats you can turn them around to help establish your competitive edge.

How will your business operate and what is your product line?

Who are your target customers $($demographics$)?$ And how will you find them?

How will you make it easy for customers to get to you and importantly, afford to buy your products?

What is your competitive edge? What will make your company stand$-$out from your competitors?