1 / 9

Assess the Market for Your Business Idea

Assess the Market for Your Business Idea. Start a new business. Develop the concept for your venture. Develop a preliminary marketing plan. Evaluate technical feasibility. How will product be produced. Research customers and markets. Test your product or service.

etoile
Download Presentation

Assess the Market for Your Business Idea

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Assess the Market for Your Business Idea

  2. Start a new business Develop the concept for your venture Develop a preliminary marketing plan Evaluate technical feasibility How will product be produced Research customers and markets Test your product or service Determine fixed production costs Determine variable production costs Assess market size, segments and trends Evaluate the competition Establish a price structure for your product or service Develop a sales forecast Flesh out your marketing plan Market through traditional distribution channels Market direct to the consumer Market to the government Market in foreign markets Market through specialty channels Develop a detailed marketing program for each channel you plan to use Conducting a Feasibility Study: Part 1

  3. Steps for Assessing Market Opportunities • Identify the Environmental Forces Impacting Your Business • Economic conditions and trends • Legal and regulatory situation and trends • Technological positioning and trends (state of the art; related R&D) • Relevant social changes • Natural environment (shortages? vulnerabilities)

  4. Describe the Industry and Its Outlook • Description of industry • Size – now and in 3-5 years • Nature of market segments • Industry marketing practices • Major trends • Implications for your opportunity

  5. Analyze Your Key Competitors • Who are they? • Product description • Market positioning (relative strengths and weaknesses, as seen by customers) • Marketing practices – channels, pricing, promotion, service, etc.) • Estimated market share • Reactions to competition • Implications for your opportunity

  6. Create a Target Market Profile • Levels: generic needs, product type, specific brands • End-user focus; also channel members • Profiles of target customers • Who are your potential customers? • What are they like as consumers/ business people • How do they decide to buy/not buy • Importance of different product attributes • What outside influences affect their buying decisions • What are the implications for your opportunity?

  7. 5. Market Test Your Idea Develop a prototype Obtain Opinions from Prospective Buyers Direct comparison with competitors products One store test Exhibit at trade shows Conduct a focus group or customer survey

  8. Develop Sales Projections • Use as many formal or intuitive approaches as possible • Compare the results • Make Go/No Go decision

  9. Develop Your Preliminary Marketing Plan • Detail the marketing strategy you plan to use • Describe your marketing plan including your sales strategy, advertising and promotion plans, pricing policy, and channels of distribution • Develop a marketing plan for each distribution channel you plan to use

More Related