1. The market
Who are the customers?
2. The need of the market
- What need are we filling/satisfying? (complete, clear description)
3. The product to market
- Write a clear description of the product.
4. Product differences
- Are competitive products on the market filling
this need today?
- Are we different on the market?
- Are there other ways of filling the need?
- What are those products?
5. Review product/market definition!
- Are they too general?
- Do you need more than one plan?
6. Define market size (geographic, product category men, women, children, workers)
- What is the size in dollars and units?
7. Seasonality of the market
- Is there a seasonal pattern in the market?
8. How many potential customers?
- Reduce the market to smaller groups (by geography, segments, business)
9. Industry trends
- Growing? Declining? Changes?
10. Distribution channels
- Who and how many serves the market?
11. Buying influences within the market
- Who are key people to contact among potential customers? Where?
12. Compare your product to competition! (advantages/disadvantages)
- Selling prices, discounts, rebates?
- Communications (advertising money spent, target, media, positioning, promotion costs, packaging, publicity)
- Sales effort (sales rep, specialists, sales promotion activities)
- Services (technical, sales, distributor, repair)
- Distribution (channels used, volume through each channel, penetration)
- Profit on sales
- Product awareness
- Trial/regular users/market share?
13. Market forecast
- Dollars and units for 3 to 5 years
- Forecast by segment
- Consider non controllable factors
- Outline all assumptions
14. Compare objective to forecast
- If not reasonable, re-evaluate the objective
challenge to win