Market Analysis (4 Marks) In this section of your Business Plan, you will assess the anticipated size of the market that your online business will serve. Include results of marketing research, general trends identified through secondary data, reports from industry insiders, etc. Use the marketing funnel to establish an estimate of the revenue potential for your business. The marketing funnel provides a top-down approach where you start with a target population and then from there determine what portion of that population will become web site visitors, shoppers, and buyers based on market statistics, to show that there are enough customers who want to purchase your product or service. Substantiate your assumptions for each step in the marketing funnel. At the end of the marketing funnel, you will have an estimated number of customers for year 1. Multiply the number of customers by the average spend for each customer to calculate your total projected revenue for year 1. What is your target web site conversion rate needed in order to achieve your revenue projection?

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