Describe your product/service.
Explore the nature, character, and benefits as well as shortcomings of the product or service (if possible, on the physical, psychological, emotional levels).
Identify who are your target consumers and competitors.
How does your product stack up vs. competition, especially in quality, performance, etc.
Is there a problem with the product in terms of quality, performance, consumer perception, etc.?
Get industry information.
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How much are consumers paying for your product or service?
What is your pricing strategy?
What is competition's pricing strategy?
What is consumer perception of your product's value? Do they think your price is too high, too low, or just right for its value?
Are you profitable?
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Who uses your product or service? Do you know why they chose you?
Who uses the competition's? Do you know why they chose competition's?
Do you know who your consumers are, in terms of:
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Demographics: age, gender, lifestyle, geographic location, etc., education, employment, income level, ethnic identity
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Psychographics: interests, value sets, brand loyalty, psychological and emotional motivations
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Purchase motivations
The bottom line: do you know what makes your consumers tick?
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How do consumers access your product or service?
Where is the business located geographically?
Can people find it easily?
Is it online?
Is it available through various points/outlets (multi-channel), or only in a single location?
Is accessibility and availability equal to, better than or worse than competition's?
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How will people know about your product or service?
How can you persuade people to buy your product or patronize your service?
How can you turn them into repeat consumers?
In what stage is your business -- launch, growth, expansion?
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