Three Key Questions in Marketing

THERE ARE three key questions to ask with regard to marketing, especially with a new product or idea. Often, if your sales are not satisfactory for any reason with an existing product, you can ask these three questions. Most companies ask question number one, but it is astonishing how many companies that I consult for have never asked the other questions.

Does a Market Exist?

The first question is: “Is there a market?” Are there people out there who will actually buy the product or service that you’re thinking about bringing to the market? Remember that the basic success/failure ratio in new products is 80/20. That is, 80 percent of all new products will fail. They will not achieve significant market share ...

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