To increase your chances of product or service success, you must know many important things about your product or service. Visiting the competitors, testing manufactured goods or the services of potential competitors is an informal and very valuable process.

Keep a record of the answers to these questions:

1. Is there a need for your service or products? If yes, is that seasonal or year-long?
2. Do you know what to charge to cover your costs?
3. Are your prices competitive?
4. How important is low price?
5. Is service more important?
6. Must you include delivery cost in your price?
7. What will discounts do to your markup?
8. Must you give discounts for cash, volume, distributors, salespeople?
9. Are your products unique, eye appealing, higher quality or better designed?
10. Must you offer a guarantee?
11. What will be your return policy?
12. Must you stock parts for service?
13. How much is normal advertising costs for your products?
14. What media? How often? Seasonal?
15. Is any free publicity available?
16. Do you have a trademark or logo? Is it registered?
17. Will you need an advertising agency?
18. If you are buying how much of each (size, color ) will you buy? From whom?
19. Can you return unsold merchandise?
20. Have you stock control plan to avoid overstock, under stock and out of stocks?
21. Have you established a line of credit with your suppliers? How long?
22. If you are a manufacturer how will you sell - through dealers, distributors, sales agents or direct to the your consumer?
23. What type of distribution is common in the industry?
24. Do transportation costs dictate the best method of distribution?
25. What percentage of the market will you get?

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