- Understand the major trends and players in your market, and to check the opportunity to get started.
- Compile adequate information to enable you to generate revenue assumptions.
- Making the best business choices to accomplish your objectives.
- Determine, in the most coherent way possible, your “product”, “price”, “distribution” and “communication” policy (marketing mix).
- To provide concrete and relevant information that can be considered when drafting a provisional budget.
I. To acquire a better understanding of the main trends in the market and its players and to assess the opportunity to launch a new business.
- What are the main market trends?
- Who are the buyers and consumers?
- What are their needs?
- Who are the competitors?
- What is the environment of my market?
- The innovation processes and technological developments in your market.
- Regulatory and legislative framework (required authorizations, diploma to be held).
- Social, economic, political and ecological environment.
- What are the constraints of my market and the keys to success?
- What are the opportunities and potential threats?
- What do you need to master, hold, acquire to succeed in your market?
- Is there, yes or no, an opportunity for my project to succeed?
II. Set turnover assumptions
- To study similar projects in your area or in other geographical areas.
- To evaluate, as part of a field survey, the purchase intentions of potential customers.
- To test your project in real life. Ideally, several methods should be employed to bring out a low and a high hypothesis.
III. Make the best choices to achieve your objectives
IV. Obtain the most consistent marketing mix possible
- Product: which product(s) or service(s) will you offer to your future customers?
- Price: at what prices will you sell it (them)?
- Distribution: how will you sell it? What will be your distribution networks (direct, with intermediaries, by internet)?
- Communication: how will you make yourself known?