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2011 The Market Research Check List

This document provides a checklist for conducting market research before launching a new product or service. It outlines key questions to consider around the target customers, size and trends of the relevant market, competitors, and your own business performance and positioning. The checklist covers topics like customer needs, pricing, promotional strategies, distribution channels, and identifying growth opportunities. Following thorough market research using this checklist can help ensure a new business understands the market and differentiates itself to attract customers.

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Tony Teo
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44 views3 pages

2011 The Market Research Check List

This document provides a checklist for conducting market research before launching a new product or service. It outlines key questions to consider around the target customers, size and trends of the relevant market, competitors, and your own business performance and positioning. The checklist covers topics like customer needs, pricing, promotional strategies, distribution channels, and identifying growth opportunities. Following thorough market research using this checklist can help ensure a new business understands the market and differentiates itself to attract customers.

Uploaded by

Tony Teo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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THE MARKET RESEARCH CHECK LIST

The Product(s)/Service you will offer


1. Who uses the product(s)/service?
2. The frequency of the purchase(s)? (This will determine the usage of the service?)
3. Who else could use the product/service?
4. Are there related products or extra services that can be sold?
5. How can the product/service be improved?
6. What do the samples of customers on which you have tested your
product/service(s) think of the product/service?
7. Is the product/service branded?
8. Is the price right?
9. Where does the product/service lie in the products life cycle?
10. Are specials produced/available, and can the product/service be customised or
personalised?
11. What are the returns?
12. What is the life of the product, is it durably or consumable?
13. What new products/services are envisaged in your sector and will they tie in with
existing lines?
Your own Performance
1. How do you or will you measure up to the market?
2. Where will you or do you expect to make the most profit and where is the
growth?
3. What extra lines and services are needed?
4. Are you positioning yourself correctly?
5. How will you or do you promote yourself and compete with your competition?
Size of the Market
1. What is the total Market?
2. Is it growing or declining?
3. Are there any regional vices or preferences?
4. What are the seasonal influences?
5. Where are the big users?
6. What proportion is met by imports?
7. Is it a well developed sophisticated market or is it a new emerging market?
8. Is it prone to fashions and shortcuts?
9. Is technology likely to alter the market?
10. What changes may affect demand in terms of government legislation, taxation,
etc?

2
The Customer
1. What else can you sell them?
2. Where are the decision makers?
3. How can you reach them?
4. Is the buyer the user?
5. What is the customer profile?
6. What are their needs?
The Competition
1. Who are the main competitors and what share of the market do they have?
2. What is their product range and what is the appeal of those products?
3. What are their strengths and weaknesses?
4. Where do they have a competitive advantage?
5. What are the market trends?
6. What is the cost of the marketing the product/service down into product lines,
channels of distribution etc?
7. What changes have been made or are intended for the product/service?
The Twelve Commandments for starting in business
o Identify your market segment.
o Know where the gaps in the market are.
o Know where there is growth and profit.
o Look at the customer needs and translate the benefits.
o Always remember the question, Whats in it for the
Customer? Be able to articulate your sales pitch quickly,
concisely and effectively.
o How can you differentiate your product or service from
similar products/services of others?
o What else can you sell to existing customers and who else
needs your product (developing new markets)?
o Look after the customer always (customer care).
o Be professional at all times.
o Plan your goals/objectives, short, medium and long-term.
o Think and plan properly prepare a Business Plan.
o Make your business fun.
ENDS
Rosemary Lyons
Enterprise Officer

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