The more thoroughly you know your product or service,
the better prepared you will be.

• In what ways is it different from competing ones?
• Is the difference recognizable?
• What makes it a better value?
• Is it an impulse buy or a planned purchase?
• Who wants it?
• Age?
• Gender?
• Economic characteristics?
• How will it reach the customer?
• Is the demand for it cyclical or steady?
• Are the materials for it predictably available?
• Are there any patents or proprietary features involved?

Recognizing the Business You are In

Broadening your concept likewise broadens your opportunities:

• A sporting goods retailer also promotes fitness and leisure activities.
• A cosmetics expert is in self-enhancement.
• A book shop promotes education and self-improvement.
• A radio-TV shop is in the home entertainment industry.