_IMPORTANT NOTICE_
The format or contents of a feasibility study differ from one school to another, but the concepts are usually the same.
Objectives of the Marketing Aspect
This section outlines the specific objectives for the marketing aspect of a feasibility study.
Objective 1
Detail the goals related to understanding and responding to the internal and external business environment. This could include improving market position, addressing competitive pressures, or adapting to market changes.
Objective 2
Focus on the demand and supply conditions, targeting specific market segments, and refining your product, price, place, and promotion strategies.
Objective 3
Develop strategies to address product development, pricing strategies, distribution channels, and promotional activities to effectively reach your target market.
Industry Analysis
This part examines the broader industry context in which your business operates.
Business Location Analysis
Explain the rationale behind selecting your business location. Discuss factors such as proximity to target markets, access to suppliers, and logistical advantages.
Opportunity and Threat Analysis
Identify potential opportunities in the industry that your business can leverage. Discuss strategies to capitalize on these opportunities and ways to mitigate any threats or challenges that may arise.
Environmental Analysis
This section evaluates external factors that could influence the demand and supply of your product or service.
Demographic Environment
Analyze demographic factors such as age, gender, income levels, and population growth. Understanding these factors helps tailor your product to meet the needs of your target audience.
Economic Environment
Examine economic conditions like inflation rates, employment levels, and economic growth. These factors can affect consumer purchasing power and overall market demand.
Natural Environment
Consider environmental factors such as resource availability, climate conditions, and ecological impact. These can influence production processes and product sustainability.
Political Environment
Review political factors such as government regulations, trade policies, and political stability. These factors can impact business operations and market access.
Technological Environment
Assess technological advancements and innovations that could affect your industry. This includes the adoption of new technologies, digital transformation, and R&D capabilities.
Legal Environment
Analyze legal considerations including industry-specific regulations, intellectual property rights, and compliance requirements. Understanding these laws helps avoid legal issues and ensures smooth business operations.
Market Analysis
This part focuses on assessing the potential market for your product or service. It involves analyzing demand and supply to determine market feasibility.
Demand Analysis
Use research instruments such as surveys or interviews to estimate the demand for your product. Calculate potential market size based on factors like population size, consumer preferences, and spending patterns.
Supply Analysis
Evaluate current supply conditions, including existing competitors and their market share. Assess how your business can fit into the market and compete effectively.
Demand and Supply Quantum
Compute the demand and supply quantum to identify gaps. For example, subtract annual supply from annual demand to determine unmet /unsatisfied market needs.
Marketing Plan
This section outlines the strategies in marketing and selling your product or services.
Proposed Target Market
Define the specific group of potential customers you aim to reach with your product or service. Consider factors such as demographics, psychographics, and purchasing behavior.
Product Strategy
Describe your product or service’s features, design, and unique selling points. Include details on branding, packaging, and labeling to differentiate it from competitors.
Price Strategy
Develop a pricing strategy that considers internal costs, market demand, and competitive pricing. Set a price that balances profitability with market attractiveness.
Place Strategy
Outline the distribution channels through which your product will reach customers. This includes logistics, supply chain management, and retail or online distribution methods.
Promotions Strategy
Plan promotional activities to inform and persuade potential customers. This can include advertising, direct (personal) selling, sales promotions, public relations, and digital marketing strategies.
Presentation, Analysis, and Interpretation of Data
This part involves presenting and analyzing data collected through research methods such as surveys and interviews.
Data Presentation
Use tables, graphs, and charts to present survey and interview results clearly. Display data on consumer preferences, purchasing behavior, and market demand.
Data Analysis
Analyze the data to identify trends, patterns, and insights. This includes evaluating responses to understand customer needs and preferences.
Data Interpretation
Interpret the findings to inform your marketing strategies. Use insights to adjust your product, price, place, and promotional strategies based on data-driven decisions.
Need help with your feasibility study?
Contact Feasib Accountant to help you with your feasibility study, especially on the financial aspect of your research.
