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Market Assessment Checklist


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Market Assessment Checklist Market assessment is essential to every company that wants to take a competitive edge. It can be presented as the process of gathering and analyzing critical information about products, customers, competitors and partners. Read this Market Assessment Checklist to learn more about how to carry out the process.

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Why Assess a Market.

  • To determine whether a product/service is worth the time and effort to pursue
  • To help in gathering information necessary for strategic business planning
  • To understand whether to invest money for additional product development or market expansion

Product Review.

  • Determine sales expectations regarding your product (or service)
  • Research the market need for your product
  • Analyze your current leads
  • Determine the efficiency of your prospecting activity
  • Try to figure out whether your sales expectations can be met
  • Check whether your product meets quality standards at industry level
  • Figure out what improvements can be made in order to increase product quality
  • Understand how the product should be best positioned in the marketplace

Customer Analysis.

  • Define your target audience
  • Determine how well the customers know your product
  • Identify how well your prospects know your product
  • Consider using a brand recognition strategy to find new opportunities of promoting your product among the customers and prospects
  • Use customer feedback to collect data about the advantages and disadvantages of your product
  • Figure out what advertising media will be relevant and appropriate for your market
  • Consider improving customer awareness through an aggressive marketing strategy

Competitive Landscape.

  • Determine the key players of your market
  • Identify your competitors and analyze their strengths and weaknesses
  • Determine opportunities that can help your business overcome the competitors
  • Understand what selling propositions make customers buy from your competitors
  • Think about whether you can create the same selling propositions
  • Define and analyze threats and risks that may weaken your competitiveness
  • Have a mitigation strategy that eliminates or minimizes the impact of those risks

Partnership Analysis.

  • Identify your current partners
  • Check whether your business wins from the partnership
  • Think about how you can improve your current partnership
  • Figure out what new partners you can gain in your marketplace
  • Check and evaluate merging opportunities with some of the new or/and existing partners
  • Consider joining trade associations.......

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