|Example questions to answer
|Market size and drivers
||How is the market structured?
What is the size of the addressable market?
- Who are the key suppliers and customers?
- Which party holds the negotiating power?
What are the critical growth drivers and inhibitors?
- How has this developed historically?
- What is the market growth segmented by price and volume changes?
- What is the projected outlook?
- What are the external political, economic and environmental drivers to the market?
- What are the key events that have shaped the development of the market?
- What are key threats to sustained market development?
||Who are the key players in the market?
What are the main points of differentiation between competitors?
- What is their relative market share in terms of revenues and volumes?
- How do they compare in terms of gross profit margins?
What are they key changes to the competitive landscape?
- What is the basis of competition between players?
- What are the barriers to entry into the market?
- What is the level of price competition between players?
- What are the relevant player strategies?
- What is the scope for consolidation / exit in the industry?
||What have been the key trends in market pricing?
To what extent is pricing correlated with other market factors?
- How have average prices developed historically?
- What is the forecast for prices over the foreseeable future?
- What is the supply constraint in the industry?
- What is the sensitivity of prices to growing volumes?
|Who are the key customers?
What is the feedback from customers?
- What proportion of revenues do the top  customers amount to?
- What is the level of repeat business?
- What are the key purchasing criteria?
- How does the target fare against these?
- What are the target's strengths and weaknesses?
|What is the achievability of the target's business plan?
- How do forecasts compare to historic years and current run-rate?
- What market share growth is implied by business plan forecasts?
- What are the risks to achievability and mitigating actions?