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Product/Service Feasibility Analysis Guide

The document discusses four forms of feasibility analysis for new ventures: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility. It focuses on product/service feasibility analysis, which has two components: assessing the desirability of the product or service to determine if there is basic appeal and market need, and evaluating the demand for the product or service through methods like customer interviews, online tools, and research. The purpose of product/service feasibility analysis is to evaluate the viability and worth of a product or service idea before development.

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65 views7 pages

Product/Service Feasibility Analysis Guide

The document discusses four forms of feasibility analysis for new ventures: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility. It focuses on product/service feasibility analysis, which has two components: assessing the desirability of the product or service to determine if there is basic appeal and market need, and evaluating the demand for the product or service through methods like customer interviews, online tools, and research. The purpose of product/service feasibility analysis is to evaluate the viability and worth of a product or service idea before development.

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Zone Music
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© © All Rights Reserved
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FEASIBILITY ANALYSIS

Unit 3.2

Barringer, B. R. (2015). Entrepreneurship: successfully launching new ventures.


Pearson Education India
Forms of Feasibility Analysis

Industry/Target Market
Product/Service Feasibility
Feasibility

Organizational Feasibility Financial Feasibility

Barringer, B. R. (2015). Entrepreneurship: successfully launching new ventures.


Pearson Education India
Product/Service Feasibility Analysis

• An assessment of the overall demand of the product or service


being proposed by a prospective firm
• Although there are many important things to consider when launching a ne
w venture, nothing else matters if the product or service itself doesn’t sell.
• There are two components to product/service feasibility analysis: product/
service desirability and product/service demand.
Product/Service Feasibility Analysis

Purpose:
• To evaluate the viability and worth of the product or service
being proposed before a prospective firm introduces a new
product or service into development.

• To ensure that the product or service is what potential customers


want.
Product/Service Feasibility Analysis
Components of product/service feasibility analysis

1. Product/Service Desirability

2. Product/Service Demand
Product/Service Desirability
The first component of product/service feasibility is to affirm that the propose
product or service is desirable and serves a need in the marketplace
You should ask yourself, and others, the following questions to determine the
basic appeal of the product or service:
■ Does it make sense? Is it reasonable? Is it something real customers will buy?
■ Does it take advantage of an environmental trend, solve a problem, or fill a
gap in the marketplace?
■ Is this a good time to introduce the product or service to the market?
■ Are there any fatal flaws in the product or service’s basic design or concept?
Product/Service Demand
The second component of product/service feasibility analysis is to determine if
there is demand for the product or service. Three commonly utilized methods
for doing this include
1. Talking face-to-face with potential customers,
2. Utilizing online tools, such as Google Adwords, Trends etc
3. Library, Internet, and research

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