Presenting Relevant Findings of Market Research in an Appropriate Format in the Business Plan

Market Research: This is the procedure that a business uses to identify and understand its customers, competitors, and industry.
Purpose of Market Research: Market research helps the business to tailor its product or service to the needs of its customers. This increases its potential for success and reduces the risk of it failing.
Primary and Secondary Research: Market research normally involves gathering information through primary (directly from people/customers) and secondary (existing information) methods.

Data Collection: The process of gathering and measuring information on variables of interest in an established systematic way. Methods can include interviews, questionnaires, observation, and focus groups.
Interpreting Data: The collected data need to be analysed and interpreted. This involves making sense out of the data collected and determining patterns or trends.
Presenting Data: The findings from market research should be presented in a format that is easy to understand. This could be in the form of graphs, tables, diagrams, or pie charts.

Market Analysis Section of Business Plan: Findings from market research are typically included in the market analysis section of the business plan. This section offers insight into the state of the industry and market trends, which can influence the business’s strategies.
Understanding the Target Market: The data from market research helps to define customer segments. This includes information about the size of the target market, their buying habits, their location, and preferences.
Identifying Competitors: Market research also helps to identify direct and indirect competitors. This includes analysis of their products, market share, marketing strategies, and strengths and weaknesses.

Relevance of Data: Only relevant data should be included in the business plan. Irrelevant data can confuse the reader and diminish the impact of the business plan.
Reliability and Accuracy: Using reliable and accurate sources of information gives the business plan credibility. Always cross-check and validate information before including it in the business plan.
Appropriate Presentation: Remember to consider the audience of the business plan when deciding how to present the market research data. Potential investors or lenders might prefer graphs and charts while a more detailed presentation might be suitable for management.
Regular Updates: As markets constantly change, it’s important that the market research data in the business plan is kept up-to-date. This ensures that the business can respond to changing market conditions and opportunities.