Management MGT 3303 Chapter Notes - Chapter 8: Business Process, Google Trends, Adwords
23 Nov 2021
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Feasibility analysis is the process of determining if a business idea is viable. It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing. Timing the feasibility analysis is also important, it should be conducted early while thinking through the prospects of new business idea before a lot of recourses are spent on them. Feasibility analysis requires both, primary and secondary research. Primary research is research that is collected by the person or persons completing the analysis. Secondary research probes data that is already collected. The first component of product/service feasibility is to affirm that the proposed product or service is desirable and serves a need in the marketplace. And the best way to answer these questions is a concept test which involves showing a preliminary description of a product or service idea, called a concept statement, to industry experts and prospective customers to solicit their feedback.
