Customer & his/her relation to the product
To understand your consumer and his/her relation to your product/service, answer the following:
Who is the likely consumer?
Where does he/she live?
What is his/her age?
What is his/her income?
What is his/her level of education?
How many potential customers are there?
Are customers likely to perceive a purchase risk?
What needs does the product/service satisfy?
How is the product going to be used?
What are the other uses of the product?
How many units is the customer likely to buy?
If it is a service, will the customer have to be present when the service is provided?
Where would the customer learn about the product/service (e.g. friends, newspaper)?
Who actually would buy the product (e.g. Mom, Purchasing agent)?
Who influences the buying decision? (e.g. kids, engineers etc.)
How much would the customer be willing to pay for the product?
How much would price change affect your customer?
Not all these questions pertain to every type of business. If they do pertain to your business, find out the answers. After finding the answers you will have a very good understanding of your customers and your product/service.
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