Market Assessment Checklist
- Is the industry seasonal? Does the majority of business operations take place during only part of the year?
- Is the industry subject to certain regulations? What are they?
- Is the industry sensitive to economic fluctuations?
- Is the industry growing?
- What are the technological changes ongoing in the industry?
- What are the financial characteristics of the industry?
- What are the current trends within the industry?
- Who are the leaders within the industry? Why are they successful?
- What types of marketing strategies are prevalent within the industry? Which are the successful ones?
- Can you define your market clearly?
- Who are your potential customers in the market?
- What is the size of the market in terms of number of potential customers and revenue?
- How fast is the market growing?
- What are the marketing and communication methods you need in order to reach out to this market?
- What is the appeal of your product or service largely built on, and is it sustainable?
- Can the market support another player? Can you become one of the key players?
- Who are your competitors? Are they successful and why?
- What do existing or potential customers like about your competitors’ products and services?
- How do your competitors reach out to the market?
- How are your competitor’s pricing, operations and marketing activities structured?
- Are your competitors making any major changes in their product offering, marketing strategy or business model?
- What are consumers currently paying for comparable products and services?
- What factors are most important to consumers when selecting this product or service? Is it price, quality, delivery time or other factors?
- Is there customer loyalty?
- What makes your product or service unique compared to the current offerings in the industry?
Table 1 Sample Market Assessment Template
Run through the following checklist to make sure that you have not left out information that may be crucial in helping you make your decision.