How to Write a Market Feasibility Study
How to Write a Market Feasibility Study
Purpose of Lesson: To assist business women in identifying market competition, potential markets, and market analysis to assess a business idea.
What is a Market Feasibility Study and How Does a Market Feasibility Study Differ From a Marketing Plan?
All feasibility studies should look at how things work, if they will work, and identify potential problems. Feasibility studies are done on ideas, campaigns, products, processes, and entire businesses.
Feasibility studies assess something and consider both pros and cons. They analyze potential business scenarios. A Marketing Plan maps out specific ideas, strategies, and campaigns based on feasibility study investigations, that are intended to be implemented.
Think of market feasibility studies as a logistical study and a marketing plan as a specific, planned course of action to take.
What Should be Included in a Market Feasibility Study?
Things to Include in a market feasibility study include: * Description of the Industry * Current Market Analysis * Competition * Anticipated Future Market Potential * Potential Buyers and Sources of Revenues * Sales Projections
THE MARKETING ASPECT
I. DESCRIPTION OF THE PRODUCT The discussion pertains to the nature of the product, its components and its purpose. It describes, also, the features, including the characteristics and attributes. Discussions should be elaborate and comprehensive. II. MARKET CHARACTERISTICS This component deals with the presentation of the industry where the market thrives. Where economic indicators affecting this project are available, presenting them in this heading will be very enterprising. Discussions are elaborated following the sub headings as indicated below: A. Industry Background This is a description of the existing market, the practices and characteristics that are presently observed from the suppliers and the market as well
Purpose of Lesson: To assist business women in identifying market competition, potential markets, and market analysis to assess a business idea.
What is a Market Feasibility Study and How Does a Market Feasibility Study Differ From a Marketing Plan?
All feasibility studies should look at how things work, if they will work, and identify potential problems. Feasibility studies are done on ideas, campaigns, products, processes, and entire businesses.
Feasibility studies assess something and consider both pros and cons. They analyze potential business scenarios. A Marketing Plan maps out specific ideas, strategies, and campaigns based on feasibility study investigations, that are intended to be implemented.
Think of market feasibility studies as a logistical study and a marketing plan as a specific, planned course of action to take.
What Should be Included in a Market Feasibility Study?
Things to Include in a market feasibility study include: * Description of the Industry * Current Market Analysis * Competition * Anticipated Future Market Potential * Potential Buyers and Sources of Revenues * Sales Projections
THE MARKETING ASPECT
I. DESCRIPTION OF THE PRODUCT The discussion pertains to the nature of the product, its components and its purpose. It describes, also, the features, including the characteristics and attributes. Discussions should be elaborate and comprehensive. II. MARKET CHARACTERISTICS This component deals with the presentation of the industry where the market thrives. Where economic indicators affecting this project are available, presenting them in this heading will be very enterprising. Discussions are elaborated following the sub headings as indicated below: A. Industry Background This is a description of the existing market, the practices and characteristics that are presently observed from the suppliers and the market as well