The Marketing Factor

The Marketing Process

Early Stages from Idea to Reality

Sometimes a business idea can strike from a clear blue sky. It can be pure invention and originality. More commonly it’s a form of re-invention, where inspiration flows from an existing product or service already on the market. You suddenly see a weakness and a way to make a dramatic improvement to make it function better or widen its application.  In the case of providing a service, it may stimulate a fresh new take on an old model.  For example, this could be providing an exciting new option to a clearly defined niche market. The restaurant sector is a prime example of re-invention and fresh customer offerings that appeal to a particular consumer group.

When the electric thrill of having an idea dies down the process of market evaluation begins.  Whether your concept is a new product or providing a new service the marketing process is the same.  A process that begins before you even think about business structure.  Why?  Because you need to gain evidence that your concept is commercially viable before you take any financial risks.

 

These steps can be taken at the same time:

  1. Investigate the practicality of production/service set-up to include developing a product prototype or graphically envision the look and content of your proposed service.
  2. Calculate production/set-up costs – as opposed to the overall business set-up costs as this stage.
  3. Research the market – see if there are any similar ideas already available – if there are, gain evidence of their popularity.  At this early stage we are interested in finding out how great a demand there is for your idea. If there aren’t any similar products are on the market try to assess the reaction to and need for your idea.
  4. This primary and incredibly valuable information brings you to the initial evaluation point:
  • Will it work?
  • How much will it cost?
  • Is there sufficient demand?

If you get affirmative answers to these questions, then you progress to stage two.

This is to see if your idea is really commercially viable.