I have always been a firm believer that there is never
one correct answer to a question. Some call that
argumentative, I call it Independent and Creative
Thought. I have also come to the conclusion over the
years that by feeding answers to a student, they will
ultimately starve. On the other hand by posing a
question, you teach them to think and in turn feed
their own thought and energies.

You will never get the right answers however, if you
don't know the right questions. So with this in mind, I
from time to time write an article, which is consists
of mostly questions! Questions covering a single
subject, which I hope will provoke you into independent
thought, thus creating productive output. Our topic is
what? Marketing Research!

Marketing Research is a very important step in the
evolution of your business. Without research, you have
no basis on which to answer even the most basic
questions; questions that you must answer if you truly
desire to successfully market your product or service.

1. Your Market.

A. Do you know whom your target market is?

B. Who are your current customers and do they fall
into your target market?

C. Are your current customers loyal to your product?
Why or Why not?

D. If not, how can your create a loyalty strategy?

E. What is the current size and geographic spread of
your target market?

F. What will it be in the future?

G. Will you be able to maintain a product and
company growth rate to match that of the projected
growth rate of your target market?

H. Is your product part of a trend market that has a
volatile base, which can collapse or increase
rapidly?

I. Are you prepared for this? How?

J. Do you have backend products or services?

2. Your Price.

A. Is your market price sensitive?

B. If so, how does the price of your product or
service stack up against your competitors?

C. How are you justifying this price in accordance
with the "Price Curve" of your market?

D. Is there an obvious perceived value in having a
higher price?

E. How does your product Service and Support Pricing
compare to your competitors?

F. Do you offer "credit terms" to aid you in higher
pricing strategies?

G. How do you think your competitor(s) will react to
your pricing structures?

3. Your Competition.

A. Are you in or entering a market that is already
overrun with competition?

B. Have you prepared for this with a well-planned
strategy to overcome the over abundance of
competition?

C. What kind of companies make up your competition
and can you compete with them in this market?

D. Have you diligently analyzed your competitions
strengths and weaknesses?

E. Have you honestly analyzed yours?

Obviously these are not all the questions you need to
answer to successfully market your product. But if you
can answer the questions I've prepared here, you will
find that the answers to others will come more easily.
I hope that you have given these questions more than a
quick thought and haphazard answer. The old saying
"more is better" certainly applies here. The more data
you compile and apply to each question, the better.
Also, being the dyslexic-absent-minded professor type,
I have found that putting everything on paper makes it
clearer, easier to remember and I have it to look back
on when I need to refer to something I have long since
forgotten.

Good luck to you in your Marketing Ad-ventures!

About the Author
Wild Bill Montgomery
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