Although each marketing study is different because every business is different, most seek to answer the following questions:
Armed with answers to these questions and a properly laid out marketing plan, you will be in a much better position to determine the viability of your idea.
Getting the information for such a plan is often quite easy. For instance, one possible technique is to interview potential customers or those already in the industry. Trade and industry associations can also be helpful since they possess in-depth information about their industries.
Many publications and databases can help you assess the potential of industries and markets. (A visit to your local CBDC is a good first step in getting this information).
These plans are dynamic and are only helpful if they change as your business changes. Rather than prepare a marketing plan and file it away in your desk drawer, you should re-examine your plan from time to time in the light of new developments and make the necessary changes. Your marketing plan will then guide and support your efforts on a continual basis.