Some have asked what does the term "Marketing Due Diligence" mean.
I always tell them to think of it as doing your homework.
If you have an idea or a product to market, lets say that you are a manufacturer and your getting ready to make a decision to develop, manufacture, and market your a new product that could cost you between $75,000.
to $200,000.
to produce plus your inventory cost, you would have to make sure that you are taking your time to ensure that you are making the right decision.
A good business decision is in need here at this stage before moving forward with the product.
This is what we call "Due Diligence," the process of gathering all the information you need for a certain idea and/or product to make a good business decision prior to investing large amounts of money into the project.
You can believe that the more time, effort, and money that a company spends to develop ideas into products, the harder they will work toward the licensing for a royalty or cash payment.
You must keep in mind that even if you think your idea is simple, the process to develop an idea and move it towards manufacturing can be very costly.
You will need to learn "Due Diligence" in every project you plan to start or get involve in or hire a professional to develop your idea for you.
Some companies will charge you a small fortune, however, there are organizations out there that will help you with your idea development for next to nothing, you just have to look.