MARKET AUDIT AND COMPETITIVE MARKET ANALYSIS

Each section should be outlined in similar fashion to the guideline provided in the text (and in the link, below). It is expected that each section will be no less than 7 pages and no more than 15 (yes - approximately 10-12 pages per paper has been the norm in the past).

I . I n t r o d u c t i o n

II. The product

A. Evaluate the product as an innovation as it is perceived by the intended market

1. Relative advantage

2. Compatibility

3. Complexity

4. Trialability

5. Observability

B. Major problems and resistances to product acceptance based on the preceding evaluation

III. The market

A. Describe the market(s) in which the product is to be sold

1. Geographical region(s)

2. Forms of transportation and communication available in that (those) region(s)

3. Consumer buying habits

a. Product-use patterns

b. Product feature preferences

c. Shopping habits

4. Distribution of the product

a. Typical retail outlets

b. Product sales by other middlemen

5. Advertising and promotion

a. Advertising media usually used to reach your target market(s)

b. Sales promotions customarily used (sampling, coupons, etc.)

6. Pricing strategy

a. Customary markups

b. Types of discounts available

B. Compare and contrast your product and the competition’s product(s)

1. Competitors’ product(s)

a. Brand name

b. Features

c. Package

2. Competitors’ prices

3. Competitors’ promotion and advertising methods

4. Competitors’ distribution channels

C. Market size

1. Estimated industry sales for the planning year

2. Estimated sales for your company for the planning year

D. Government participation in the marketplace

1. Agencies that can help you

2. Regulations you must follow

IV. Executive summary

Based on your analysis of the market, briefly summarize (two-page maximum) the major problems and opportunities requiring attention in your marketing mix, and place the summary at the front of the report.

V. Sources of information

VI. Appendixes