Marketing is an important part of any business's success. For a new business it is important to conduct Market Research to see if your idea is viable. If your idea does appear viable, it will be necessary to develop a Marketing Strategy to market your business to let potential customers know about the products/services you are offering.

Market Research

Information is a precious commodity in today's business world. The more information you have, the more informed you decisions will be, and the greater likelihood of making the correct decisions.

Market Research involves gathering information about the markets in which you hope to sell your products/services. You will want to know who your customers are likely to be, what price they would be willing to pay, and what would persuade them to buy your product over one of your competitors'.

It is important to have as much information as possible about potential markets for your business. Financial projections will be more credible if backed up by Market Research, and good initial Market Research will enable you to develop a more effective Marketing Strategy.

Marketing Strategy

If Market Research is the process of acquiring information about the markets you hope to trade in, then a Marketing Strategy is about how you communicate information about your business to those markets.

A good Marketing Strategy will;

• introduce your business to potential customers
• inform potential customers of your products/services
• influence potential customers to buy your products
• increase your sales
• innovate to draw attention to your business