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Testing the Concept in the Market
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Feasibility Analysis Used to test a business concept
Determines if an idea for a new business is practical. Questions addressed- Are there customers who want what you have to offer? What conditions might be present for you to decide to go forward with the business?
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To determine feasibility
Research the industry Trends Barriers Profit margins Talk to customers (target market) Measure interest in product Understand needs and wants
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To determine feasibility
Study the competition Talk to Visit Research Talk to their customers Talk to suppliers Create a competitive grid Look at start up resource needs Purchasing equipment Leasing or buying facility? Carry companies expenses until you can turn a profit
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The Competitive Grid Competitors Customers Benefits Direct Indirect
Competitor’s target market Benefits Benefits customers receive from the business (not the products)
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The Competitive Grid Distribution Strengths and Weaknesses Direct
Indirect (use of middleman) How does the product get there? Strengths and Weaknesses Analyze with your opinion
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