Business Assessment

This is an opportunity to assess how likely your business idea is to be successful from a Marketing point of view

1. Have you clearly defined the Service or Product you will sell?


2. Have you carried out Market research into your idea?

Not really
Market research is all Mumbo-Jumbo to me

3. Have you identified a Market sector you will sell to?

Not really, but I'm sure someone will buy it
I don't understand about Market Sectors

4. Do you know the profile and characteristics of your intended customers?

Yes - I know what they read, listen to and watch. I know their gender, age and socio economic group
There's no one type of person will buy my product, everyone is a customer
What's a Profile?

5. Have you identified those customers wants and needs that are not being met by existing suppliers?

Yes and I have a product, or service, that can satisfy them
No, but I'm a lot cheaper
Not really, I've got a superb product and they'll all come flocking anyway

6. Do you know how your product, or service, will be better than the competition

Yes, I have identified my Unique Selling Point
Yes, I can sell a lot cheaper
There is no competition
I don't understand why you would ask that question

7. Have you talked to potential customers and asked them how they feel about your product, or service?

Yes, response has been encouraging from a large number of people
I asked my friends and family and they like it
I don't know where my customers are yet
I don't like to bother people, and they may lie anyway

8. Have you estimated how much and how often your customers will buy?

I don't know where my customers are yet
I could - but it's all guesswork, isn't it?
From the results of my research I am developing a Sales Forecast
I know my friends and family will buy - and I'll build it from there

9. Is the Market likely to grow in the next 5 years

How would I know?
How would anyone know?
Yes, the latest research shows a growing trend
The market is fairly static at the moment

10. Have you carried out any 'Test Selling' and does it confirm your estimates?

I don't want to start until I'm ready
Yes I've started some limited sales to make sure the product / service is what the customers want

11. Have you developed a Marketing Plan to promote your service, or product?:

Not really, but as soon as they hear about it they will come running
I can't afford all that pretentious rubbish
I'm going to advertise in the local rag
From the customer profile I have 3 channels to promote and I'll monitor them during the first month or so