Market Feasibility Study determines the depth and condition of a particular market and its ability to support a particular development. The main objective of a market feasibility study is to understand the market to determine if enough demand exists to make the venture successful. It provides a more in-depth and thorough analysis than any other type of market research.
Why is Market Feasibility Study Required?
The nature of the business environment today is way dynamic and has led to an increase in the risks of the business. Businesses must outshine the competition in terms of value provided for their clients. Survival in such a marketplace is difficult and entering is an equally daunting task. A lack of proper planning can lead to the failure of entrants. Therefore, to ensure profitability, it is essential to analyze before leaping. Market Feasibility Study provides support to the organizations for such kind of analysis.
Why Organizations should not ignore the importance of Market Feasibility Study:
The market feasibility study is an important tool to access the viability and potential of a new business.
- It is an excellent instrument for predicting the probability of failure or success of a new business venture
- It can be adopted in cases of incorporating new products and ideas into business
- It includes all probable actions that are required to be taken for determining whether a business idea is meant to succeed
- It is a stepwise process to weigh the pros & cons of each step before getting into the actual process
- It helps through making key decisions to move forward with the ideas, whether to refine or leave them altogether
Our rationalized methodology:
- Preliminary Analysis: Execution of a preliminary analysis considering viability assessment of the major requirement of the Client
- Stakeholder In-Depth interview: Establishment of connection and discussion with various stakeholders of the industry to gain the relevant understanding
- Demographic Assessment & Trend Analysis: Assessment of demographics and use of secondary research to find existing industry trends
- Quantitative Survey & Competitive Assessment: Collection of data from the end-user in the form of the survey focused on current and predicted usage and Understanding the related impact. Preparation of list of competitors of the product and assessment of them on the requirement of the Client
- Compilation of Report: Compilation of information and formation of the Country/ Market Research Report
- Submission of Deliverables: Submission of the deliverables to the Client
Market Feasibility Study- Scope of Work:
We tailor the scope according to the requirement of the organization. However, following are the key points generally include in the scope of coverage:
- Key Insights: Related to potential Investment candidate Incl. Profiles, Group Company Structure, and Product Specifications.
- Customer & Competitor Analysis: Competitive Analysis of major Customers of Target to analyze the potential growth of the Target Product within the Industry.
- SWOT Analysis: SWOT analysis stands for strengths, weaknesses, opportunities and threats. It is a method that involves strategic planning to help an organization to identify the various aspects related to business competition or a project planning. It is one of the basics to keep in mind while entering a new market.
- PESTEL Analysis: It is used a tool by companies to track new business environments or launching a new project/product or service. This takes into consideration various aspects, such as
- Political Factors
- Economic Factors
- Social Factors
- Technological Factors
- Environmental Factors
- Legal Factors
- Opportunity Assessment: a market opportunity assessment is a process of synthesizing market research and client data to identify the probable growth opportunities in a particular market or business area. It helps in formulating an actionable strategy to understand this growth.
MBG offers a complete suite of Market Entry services inclusive of all elements of a market feasibility study to help your business venture into a particular market. Our team of professionals offers support in every aspect of market entry strategy according to your specific business needs.