Feasibility study needs to focus on potential market opportunities and market assessment. If there is no adequate demand for the product, there is no need to continue the business venture. Market feasibility study is one of the important aspects in your business feasibility study because it entails the analysis of existing market. Market analysis involves the study of market size, market trends, and market profitability. Market size includes the size of the market based on present sales and potential sales of the product being market. Market size is obtains through government data and customer surveys. Market trends include the changes in prices and customer demands.
Market feasibility study describes the size and scope of the industry as well as industry competitiveness. It also uses to forecast sales projection, and potential suppliers and buyers. In addition, marketing strategies and marketing plan is presented.
During market study, you should estimate the market size and the targeted geographical area. Also, you should describe your target market and your competition and how your customer or client benefits to your products or services. Identifying your key competitors and outline their market share, business strengths, assets, strategies, and goals will determine to overcome the market. You should also analyze the industry such as the industry’s current need or demands and current supply. And then you will need to define your marketing and sales strategy including the distribution and pricing of your product and marketing campaign.