You should define your market and the competitors that exist within it, detailing your perceived position of your business in the market.

This section should include any market research you have undertaken, as you will need to demonstrate you have a good understanding of the market place and the key drivers that affect it.

It would be beneficial to include the strengths and weaknesses of your competitors at this point and the advantage your business has over them. This could be demonstrated in a SWOT (strengths, weaknesses, opportunity, threats) analysis.

The detail for these relevant areas should include.

Your market – the market size, history including sales, trends, pricing etc.

Target customer – who the target customer is, their purchase decision and why they would be attracted to you business.

Competitors – who the competitors are, their offering, their market share.

Future – how you will take the business forward, and any changes / factors that you can foresee to affect business.