Competition analysis-you want to learn as much as possible about the competition. Visit their store, watch their advertising, and talk to his customers. Who else sells their products, what are their strengths and weaknesses.
You must ask these of the supplier.
- Prices
- Terms of payment
- Policies on damaged and returned product
- Delivery time tables and methods
- Product Lines
- Warranties
Which way will you market your product?
- Retail to businesses or public-most stores
- Wholesale to resellers-you become the supplier
- Wholesale direct to customers-deep discounts
- Internet e-commerce websites
- Direct marketing – TV ads
- Direct selling-person to person
Choosing the right product is the basis of your business success. The time you spend doing the above, will be well worth it.
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