Before even looking at the physical design, let’s analyze the marketability of the basic concept by answering the following questions:.

1. Who is the proposed target market?

-Who is this product meant for (age, gender, general profile)?

– We must keep in mind that the end user may not always be the purchaser. We will further explore this topic in a future post.

– A target market is often chosen one of two ways:

a. A concept has been created and now the market, to which it best relates to, must be selected.

b. A need, of a particular market, is not being properly addressed and thus a product concept is being created to better satisfy it

2. Do similar products already exist, in general, or in particular, for our target market?

-if so, which ones?

-If not, what are the closest competitors?  (The answer to this question was briefly discussed in the previous post)

-How saturated is the existing market?

-Are there entry barriers?

-Is it worth it to enter this market? (this question is an important one to answer before continuing in the design process. If the answer is no, better to decide now before more time and resources are invested. The answer can also be “not now” which would mean putting the concept on a proverbial shelf until a more opportune time).

3. What is the price range for a product of this type?

-In other words, what do we approximate a consumer would be willing to spend?

-By deciding in advance what price range the product must remain within, in order to be a worthwhile project, we will be able to more easily keep ourselves in check while choosing materials and production methods. If we forsee that we won’t be able to meet our economic criteria, we will have to decide at that point, whether to “put the project on a shelf” or reassess our needs.

The purpose of these questions is to determine, at an early stage in the development process, whether this concept makes good business sense to pursue. It is also  important to have a good understanding of the target market before moving forward in order to be able to answers the next set of questions to justify the physical design of the product itself.

Am I missing any questions? What do you think of the ones listed above?

I would love to hear your thoughts and suggestions.

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