If you can answer most, but preferably all, of the following questions, then you are well on your way to having a commercially successful product:
- Does your product have a name? If so what is it, and is it important / relevant to your product?
- Can you describe your product (to a potential customer) without them being able to see it?
- Is your product different to those which are already on the market? If so how? Outline any unique features it has – its unique selling point (USP)
- Name and describe any existing products which you think may be ‘similar’
- Describe the person who you think would buy your product in as much detail as possible (age, gender, job, dress, activities, food, holidays, etc)
- Why would this person buy your product?
- Who would sell your product?
- List targeted retailers and say why you have chosen them
- Who will manufacture your product? Why have you selected them?
- Would it be possible for your product to be produced in another country? If so, where, and what would the implications be if you decided to do this?
- What would your product cost to produce?
- What do you anticipate your product retailing for in Ireland and the UK?
- What factors determine this selling price?
- Could your product be manufactured in a different way, perhaps using different materials and manufacturing processes?
- If so, describe them and state what the advantages and disadvantages might be
- How have you determined what you will charge (the retailer) for your product?
- On what basis have you calculated your costs?
- How do you expect to be paid for your product and how much (profit) do you expect to make?
- Have you considered the ‘hidden’ costs? What do you think that these are?
- When presenting your product to a retail buyer, which questions do you think they will ask and what do you think you need to tell them?