Marketing feasibility study steps. Marketing is an administrative process that aims to familiarize customers with the goods and services provided by the owner of any project. Marketing depends on achieving several important elements, namely identifying products and setting appropriate prices for them, as well as choosing a good and effective method in order for the products to reach customers smoothly. But there are steps that the owner of a new project idea must follow, the most important of which are the steps of the marketing feasibility study.
Introduction to the marketing feasibility study
Marketing is defined as a set of procedures that promote the sale of products and goods in the market, and marketing is defined as advertising that helps clarify the nature of the goods or service provided, and then present it from the business owner to the target customer.
Where some countries, regardless of the degree of progress they have reached or their political systems, have begun to realize the importance of the feasibility study and the application of different marketing concepts.
This is because the rates of economic growth in developed and developing countries depend on the ability of those countries to develop effective distribution to market what they have of semi-manufactured goods or finished goods, in addition to raw materials in local and international markets.
Even those countries in which the public sector owns basic industries such as (Italy and Britain), have started implementing and applying modern and different marketing concepts and ideas, as a modern scientific approach to support their national economy.
Marketing feasibility of the project
There are several points or steps that any marketing feasibility study for any project should not be without, namely:
Defining the product, whether it is a good or service, and describing it accurately.
Determining consumers, their needs and their economic level.
Identifying the current market size and the extent of its saturation with the proposed product or commodity and evaluating the future situation.
Determine the market response to the new product or service you want to provide.
Get to know your competitors in the market in addition to knowing the prices of alternative goods and their features.
Preparing the marketing structure and it must include the total costs and advertising for marketing.
Assessing the share of the good or service in the marketing gap, then determining the expected number of sales in addition to determining the production capacity
Now that we know together the most important steps of the marketing feasibility study, a question may come to your mind (Can I do a marketing feasibility study myself or not) and the answer is yes, you can complete the marketing study on your own.
This can be done through the use of ready-made marketing feasibility study models or by searching or reviewing specialized books in that field, or you can seek the assistance of a friend with previous experience.
And if you want to save your time, effort and money, in addition to ensuring the success of your project, you can turn to a technology company specialized in carrying out feasibility studies for various projects.
Which many entrepreneurs of major companies and factories praised her for her wonderful professionalism in the work of the feasibility study, as it is a detailed study of all aspects related to the project in order to ensure the customer the best possible success rate.
Marketing study objectives
The marketing feasibility study aims at several important goals, which are the following:
It is necessary to know the size of the expected demand for the project’s goods, its growth and the expected market size.
What are the marketing opportunities?
The nature of the market type and the degree of competition within it, in addition to knowing the market segments as well.
Technical study of the project.
Planning advertising campaigns.
The importance of the marketing study
Among the most important benefits that a feasibility study provides to any project owner or institution are the following:
Marketing activities and events help projects satisfy the various desires and needs of consumers in the markets, which helps these projects achieve their specific and general goals such as survival and continuity and providing better services.
Marketing activities assist industrial projects in estimating the volume of production that can be sold, by utilizing the results of marketing studies and research.
The marketing feasibility study helps individuals to analyze the nature of the various marketing activities, which they carry out on a daily basis.
Finding marketing opportunities that can be exploited, on the basis that there are results of some studies, may reveal to you that there are unsatisfied needs and desires of consumers in the target markets that must be worked on.
Marketing events and activities create a number of benefits related to goods, such as the spatial benefit related to providing the commodity in a manner that suits potential consumers, the time benefit related to providing the commodity at the appropriate times for consumers, and other benefits.