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Need

1. Briefly describe the need in the marketplace which you have identified and plan to fill by creating this product or service:
2. How well is this need being fulfilled by existing products and services?
3. Name products or services that address some of this market need, and indicate what part(s) of the market need they fulfill.
Product or Service Part of Need Served
4. What aspects of this need are not being addressed by existing products or services?

Solution

5. What is your solution to this need, which is not being adequately addressed in the market?
6. What are the benefits of your proposed solution?
  Benefit Explanation
Saves time
Costs less
Reduces other costs
Increases sales
Reduces stress
Improves performance or morale
Improves safety/reduces injury
Improves quality of products/services
Improves quality of life
Provides advertising or promotional value
Enhances social status
Other(describe)
7. What benefits from this product or service make it different from other products or services? Briefly identify the benefits of your solution that are not available in any other existing product or service.
  Product or Service Unique Benefit Provided
Features
Price
How you are distributing it
Post-sales service
Other

Product or Service

8. Briefly describe the key features and strategic approaches for your product or service idea.
  Product or Service Your Concept
Size, bulk (product)
Scale or Scope (service)
Materials Used (product)
Expertise Provided (service)
Technologies Used
Features or Options
Packaging (product)
Other
9. To develop and produce/deliver your idea, you will use:
Expert Knowledge
  Your expertise
  Expertise of other key partners
  Expertise of other key employees
  Subcontracted expertise
Technology/Equipment
  Standard office and/or manufacturing equipment
  Specialized, existing equipment
  Specialized, not-yet-made equipment
  Equipment of a subcontractor
Materials/Resources
  Common materials or resources as raw materials or components
  Specialized materials or resources as raw materials or components
  Internally developed materials or resources
  Subcontracted or purchased materials or resources
10. For each of the following, select the best answer.
a. Is the necessary knowledge (know-how) readily available?
b. Is the necessary equipment readily available?
c. Are the necessary raw materials, components, and/or resources readily available?
11. How easy would it be for another company to duplicate this concept?

Why?

12. Can this be protected under patent law?
13. Would this product or service be for personal or business use? Rank each category by the potential to be a customer (buyer) of your product or service. (Note: The person who buys is not always the person who uses a product or service - e.g. disposable diapers are bought by parents for their infants.)
  Business Likelihood to be a Customer
a. Businesses, used as a raw material or component in their products.
b. Businesses, used in the operation of the businesses.
c. Governments.
d. Educational Institutions.
e. Other Institutions, Organization or Cooperatives.
  Consumer  
f. Individuals, for their Personal or Family Use
14. What objective criteria (demographics) could be used to describe or identify potential customers (buyers)?
Age (range)
Gender Male Female
Occupation Professional
Management
Administration
Laborer
Purchasing Agent
Other
Income level High Moderate Low
Family Status Single
Married
Have Children (ages
Have No Children
Highest Education Level Grade School
High School
Trade School
University
Professional or Post-Graduate
Primary Language English
Other
Other
15. How important are the following psychological factors (psychographics) in terms of a customer's decision to purchase this new product or service?
a. Social class
b. Personality traits
c. Life style
d. Other
16. In what areas (geographics) are these potential customers located?
a. Top 3 Countries or Continents
b. Location Type Urban
Industrial
Suburban
Rural
c. Specific Climates
d. Types of regions
(e.g. mountainous, desert, near water, etc.)
e. Concentration Limited regions
Spread out all over

Competition

17. What best describes your major competitors?
Location/Scope of Competitors
Size/Scale of Competitors
Number/Quantity of Competitors
18. What are the closest direct (similar) competitive products or services? Be as specific as possible.
19. What are the closest substitute (alternative) competitive products or services? (Example: Two different flavors of carbonated drinks would be directly competing products, but milk, coffee, or tea would be alternative beverages.) Be as specific as possible.
20. Are there any products or services that are market leaders, or very popular brands?
No Market Leader or Leading Brand exists
The Market Leader is
There is no single Market Leader, but the following are popular brands

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