EXPLORATORY MARKET RESEARCH

PART A

1. Define your market:

a. Demographics appropriate to your product.

b. Usage-what are they using currently.

c. Estimated size

2. Pertinent Questions:

a. Can the product be sold for 3-5 times its cost?

b. Is the target market willing/able to pay the estimated cost?

c. What are the barriers to entry/exit for your product?

d. Are there safety/product liability issues connected with your product?

e. Does the technology exist to make your product?

f. Are the resources needed to make your product available?

g. Are there any laws that may affect your ability to sell your product?

3. Investigate your product:

a. Patent Search

i. Internet. See http://www.virtualpet.com/industry/howto/psearch.htm for instructions.

ii. Patent and Trademark Library--even if you do an Internet search, it is ALWAYS advisable to do a search at a Patent and Trademark Library.

b. Product Search-look for what is out there. Check catalogs and the Internet.

c. Evaluate your product

i. Self Evaluation

d. Professional Evaluation Services