Marketing feasibility study, a good commodity does not sell itself, but rather it needs effective and good marketing, and in the same way any successful project needs a marketing feasibility study, because it is one of the most important parts of the detailed feasibility study, as it is a basic pillar upon which the rest of the studies are built. The remaining stages of the feasibility study. The marketing study for a product or service is an essential and indispensable point in the feasibility study.
Marketing feasibility study
The marketing feasibility study depends on collecting, analyzing and recording all data related to current and future demand and supply for the product or service provided by the project.
The importance of the marketing feasibility study is evident in that it is the first stage of the detailed feasibility studies, as its results entail either taking a decision to start the next stage of studies or stopping at this point.
If the marketing feasibility of your project results in positive results, do not hesitate to make a decision to start conducting technical and financial feasibility studies for your project.
But if these results are negative, you should often make a decision to stop conducting feasibility studies for the project, and it is preferable to start studying other ideas if you have the desire to do so.
In order to ensure, my dear, an adequate marketing study, it is preferable that you use one of the companies that have experience in the field of carrying out various feasibility studies, and the technology company is the best choice for what you are looking for.
This is because it specializes in providing administrative and economic consultancy for governmental and private companies and factories.
In addition to carrying out feasibility studies with great professionalism, because it studies all aspects related to the project in a detailed study to ensure the success of the project and avoid exposure to risks later.
The technology company is also distinguished by providing a lot of other electronic services at a very limited cost within the reach of any business owner, especially if he is a beginner in the world of commerce.
Elements of a marketing study
It requires preparing a detailed plan for the goals to be reached, but the study must pass through several stages or steps, which are as follows:
First, the data needed to prepare a marketing study:
Achieving the objectives of the feasibility study requires collecting and analyzing a lot of data to reach those goals, and the lesson is not to collect the largest possible amount of available information, but rather to determine what is required and necessary, and whose analysis results in the achievement of the desired study objectives.
Second, the market study:
This step determines the extent to which the market accepts the product or product mix offered by the project, meaning that the possibility of marketing or not depends on the extent of the public’s consumption of those products.
Third, the preparation of the marketing mix:
The next step for market study and demand forecasting in a marketing feasibility study is to define and prepare the marketing mix.
It is a set of functions that you must perform to ensure the flow of the service or product from the source of its production to the source of its consumption, or the use of means that achieve the desires and needs of consumers and knowledge of their purchasing capabilities.
In addition to following up the supply and demand for the product from time to time to plan the marketing programs, which include: pricing, distribution and promotion.
Fourth, write the final report, provided that it includes the important outputs of the feasibility study:
After completing the data analysis and market study, including market segmentation, product description, target market identification, and the size of its access to assessing the market gap and the project’s share of it, a report is written on these results so that the goal of conducting them includes reaching the desired goals and the success of the project with actual steps on the ground .
The importance of a marketing feasibility study
The marketing feasibility study is considered the first step in the detailed feasibility studies, because it is concerned with the following:
Determine the volume of demand for the product or service provided by the project, for which you are conducting a feasibility study.
Describe the market for this product in terms of (type, geographical area, type and age) for the consumer, as for the industrial buyer, it describes it in terms of (type of activity, size of workers and legal form).
Determining the market gap, or in other words determining the difference between future and current demand and supply, and then determining the marketing share of the project for which you are conducting a feasibility study.
Determining the aggregate demand supply and current and future total volume of that product.
The marketing study contains components that no project can be devoid of, namely:
Technical feasibility study.
Financial feasibility study.
Environmental feasibility study.
A social feasibility study.
Loan repayment methods.
Writing feasibility study report.