📊 Marketing Feasibility Study

A marketing feasibility study is an analysis conducted before launching a product or starting a business to determine if the idea has a viable market. It’s about doing the research and planning upfront to see if the idea is worth pursuing.

🔍 Breakdown of the Aspects:

(a) 📈 Current and Future Demand Estimates:
This is essential. A feasibility study must determine if enough people will want the product, both now and in the foreseeable future. Without demand, the idea is not feasible.

(b) 🎯 Market Segmentation and Identification of Target Markets:
This is also a core component. You need to identify who your specific customers are. An idea isn’t feasible if you can’t define, reach, and serve a specific group of people.

(c) 🥊 Competition Analysis:
This is critical. An idea might be great, but if the market is saturated with powerful competitors that you can’t realistically challenge, the idea may not be feasible. You must understand the competitive landscape.

Note:
The feasibility study is the research that justifies spending the money to get to the market testing stage.
Market testing (like a pilot launch or beta test), as is studied in Unit VII Marketing management is a method used to validate a product idea with real customers.
However, it typically happens after the initial feasibility study is done and you have already developed a prototype or a minimum viable product (MVP).