Understand your Market Place
Doing Market Research
- Write a description of
your invention that a layperson would understand.
- When describing your product
outline what you feel are its unique aspects, and explain how or why these
aspects will appeal to customers.
- Emphasize the special features
that you feel are its selling points.
- Next go over sales projections,
determining if there is a demand for the product or what the demand has
been for similar products.
This practice will help you to
better understand how the marketplace operates relative to your product, and it
can help you develop the skills necessary to identify and anticipate changes in
the marketplace.
Do Study Marketplace Trends
Start your own file on marketplace trends. Periodically review your data, looking for shifts in the market. If changes are occurring, you should modify your marketing plan to coincide with these changes.
A
marketing plan should answer these questions:
- Is this product in constant
demand?
- How many competitors provide
the same product?
- Can you create a demand for
your product?
- Can you effectively complete in
price, quality and delivery?
Review your marketing plan to ensure
that it answers these questions. If your current marketing plan doesn't answer
the questions, it will need to be modified.
When
you understand how the marketplace operates relative to your invention. When
you are satisfied that you understand how to identify market shifts and trends
related to your inventions. You are ready to start writing the marketing plan
section of your business plan.
Cultivating the Marketplace
It
is your responsibility to promote your invention by cultivating the
marketplace, and by attracting and keeping customers. You can accomplish this
aim by knowing your market, your
customers, your competitors and your product. By gathering and analyzing
market research information, you will be better able to determine if your
marketing plan is in line with your competitors, or if it is in line with
industry averages and what adjustments you can make to improve your overall
competitiveness.
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