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The market study should address four basic questions.
We help you collect the main responses and assess orders of magnitude.
Does the market need it?
- Does the new product fulfill the market’s expectations, explicit or not?
- Is there room for it on the market, in which quantities?
- Who are the leading customers?
What is competition doing?
- Does the product stand out of its competitors?
- Which are its advantages and weaknesses?
- Does it provide enough incentive for customers to switch suppliers?
What is the product’s specification?
- Does the product comply with international standards?
- Are customer specifications precisely identified?
- Is packaging properly defined?
What will be the selling price?
- How does the added value compare with the investment cost?
- Is the price objective ambitious enough?
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