Market Research - Build Your Business On a Foundation of Facts

Market Research is the key to developing both a sales and marketing strategy and an overall business strategy for your small business. It ensures you have examined both the market, including an assessment of your competitors, and your potential customers. Building your business based on hard facts and realistic analysis ensures a strong foundation on which to build your business. Let's take a look at the questions you need to address.

A Description of Your Product or Service
Is it a product or service or do you offer both? Is it manufacturing, retail or wholesale or a combination of these?

The Nature of the Market for Your Product or Service
Is it a domestic or export market or a combination of both? Is it a niche or seasonal product? Is it an emerging market based on customer demand?

Identify the Target Market Segments
You need to undertake research to determine who will buy your products Read more...