Launching a business ? Questions to Answer Printable Version

For entrepreneurs, business owners and new business development managers...

Developing your business plan? Consider finding answers to these questions in performing marketing research for a business venture:

Business Plan Section	Marketing Research Questions
I. Company background	What business are you in? What is your goal? What are your strengths? What are your weaknesses
II. Products/Services	Do your products/services offer a benefit your target market really wants? How does this benefit separate you from the competition? Is this benefit unique and/or difficult to copy? What is your price for the product/service?
III. Market	Who is your target market? What does your target market need? How do you plan to reach your target market with information on your products/services? How does your competition reach your target with information on their products/services? How will you promote your products/services? How will you determine where to locate your business?
IV. Competition	Who is your competition? What products/services does your competition offer? What are your competition’s strengths and weaknesses? What perceptions does your target market have about the competition?
V. Management	What special background do you or your staff have to make your business succeed? How does our background compare to that of the competition?
VI. Financial Data	What is your competition charging for their products/services? How much of your profit will you reinvest in sales and marketing efforts? How will you revise and update products or services? How much of the business do you believe you can capture in 1 year? 3 years? 5 years? What does it cost to make your product/offer your service? Are there figures available showing what industry averages are for costs? For product businesses, how much inventory must you maintain? How fast are invoices paid in the industry?

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