MGMT 23500 Ideas Into Action
Questions to Ask
What are the S.I.C./N.A.I.C.S codes for the product/service we are interested in?
What is the size of the industry? Is it growing or shrinking?
Market share? Are there are few dominant companies or lots of smaller ones?
Who are our competitors? Are they publicly or privately held or a mixture?
Are we looking at local, regional, national or international markets? Does location matter?
What is the demographic/psychographic profile of consumers of our goods/services?
Are the products/services cyclical or non-cyclical? Durables or non-durables?
What are the bodies that govern rules, regulations, legal cases and laws on a local, state, national or international level?
How does the industry disseminate information? Major trade publications, organizations, trade shows, etc.
What are the marketing and distribution channels for our product(s), services?
How reliant is the business on technology?
Patents, trademarks, etc?
Startup costs? Salaries, equipment, supplies, marketing & distribution, suppliers, raw materials?
Tariffs, duties, etc. Are we affected by exchange rates?
Are there similar products or services out there? If so, how is ours different? Are we going to compete on price or other attributes?
