Delegation: do you have an ego problem?

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9 questions to help you understand your market

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1. What is the current size of the market? What is the potential size of the market? Will it grow or contract? Why?

2. How much of the market share can we conservatively take? What’s that worth to our organization, both financially and otherwise?

3. How well does our product fit into the current market? Can we create a new market for our product?

4. If we are in the market already, what has made us successful and/or what has made us unsuccessful?

5. What are the buying habits in the market and how can we exploit them?

Related: The ABCs of Market Research

6. What are the different segments of the market? Do we want to compete in all of them or only some of them? Which ones are growing and which are contracting?

7. Who are the competitors in the market and why do customers buy from them? What do we need to do to get customers to buy from us?

8. What kind of margins should we expect in this market? How does that align with the overall margins for our organization?

9. Who are the customer organizations we should be targeting first?