To work out who your target market is going to be for this product. This will involve you looking at who your main competitors are in this Market place and work out how you are going to compete with these competitors.
You will also devise a launch strategy for the product that addresses the following questions:
This will involve you working closely with each of your team members. You will need to take direction from your CEO and also offer them your expertise in terms of deciding on a Target Market and devising a launch strategy.
You will need to work closely with Finance to make sure you have a launch price for the product which suits the chosen target market and will compete well against your main competitors. You will also need to make sure that you have allocated money for advertising and the launch strategy.
You will need to talk to the person in charge of research and development so that they are clear on the target market which they are designing the product for and so that they can tell you about any unique selling points this product will have to give you the edge over your potential competitors.
Who will buy your product?
What/Who is your target market?
How will you attract customers? How will you market your product?
Who is your competition? Who else offers what you do?
What is your USP [Unique Selling Point]? Why is your product special?
How much should you charge for the product or service (compared with your competition)?
What should you consider to be able to produce the product and get it to the customer?
What challenges do you face in getting the product to your customers?
Explain your brand name, logo and/or slogan. How will you brand your product?
What does your product do that other products do not?
In your launch strategy, why do you think you will sell so many products so quickly?
What is the ‘need’ for your product?
What problem does your product solve?
Explain why you are focusing on that target market.
What would you do if your predicted launch strategy does not work out as planned?
Are there any products similar to yours?
Where did you get the idea for your product, logo, slogan, product name, etc.?
