Wise Questions: Why Do I Need a Market Analysis in My Business Plan?

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Whether you're starting a new business or expanding, knowing the current state of your target market is profoundly important to your company's success.

Business Analysis

Market Analysis

Without a market analysis, you're severely hampering your ability to connect with potential sources of revenue and support.

"You have to know and understand the economic culture of the place where you plan to find success," said Joeseph Ferriolo, director of Wise Business Plans, an industry leader in planning services for companies of all sizes. "Without a market analysis, you're severely hampering your ability to connect with potential sources of revenue and support."

"Your potential market includes everyone you might someday be able to reach, not just the people living near your business," said Ferriolo. So a market analysis has to look into the future by understanding the present.

"You must know your product and its potential utility in order to understand who and where your market really lies," said Ferriolo. "And both of those avenues of information -- what you can offer and who you should offer it to -- are key to a strong business plan."

For new business owners, this can seem like a daunting task. Categories of information like market size and segmentation can be harder to pin down than simple or even in-depth demographics.

But help is never far away, said Ferriolo.

"We have access to the most up-to-date sources of market research, and we use those resources to support our clients," he said. "We understand what it takes to get a clear picture of the facets of your target market -- and even how to define that target market. And we can help you understand that, too."

Wise Business Plans (http://www.wisebusinessplans.com), staffed with professional MBA writers, researchers and financial experts, is a trusted partner for businesses across a broad spectrum of products and services. Our mission is to empower our clients to make the best possible business decisions, boost company performance and facilitate their funding success by laying the groundwork for strong businesses that excite, inspire and retain talented and exceptional employees.

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