Market Assessment Checklist

Industry analysis

•        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?

Market analysis

•        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?

Competitive Analysis

•        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?

Customer Analysis

•        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.