The difference between the feasibility study and the market study, the feasibility study of any project is very important to verify the effectiveness and success of this project and transform it from mere words and texts on paper to a project based on actual steps on the ground, so every person who thinks about establishing a new project should not neglect the implementation of a study The feasibility of the project in all its details, whether it is small or large, and in today’s article, we will learn about the difference between a feasibility study and a market study with the definition of each of them separately.
The difference between a feasibility study and a market study
The feasibility study of any project includes identifying the desired objectives of this project, whether they are commercial or economic objectives, in addition to analyzing the project theoretically and scientifically.
And often the feasibility study is the responsibility of the manager since after the study he is the one who decides to move forward with the project, or cancels the idea completely and searches for another idea or make some modifications in the feasibility study of the project.
It is also worth noting that the feasibility study is not only limited to new projects, but a feasibility study can be established for any step that the company will take to implement, or it can be a feasibility study to provide a service for a specific project or a new production for a factory.
As for the market study, it is very briefly one of the most important stages that the project must go through before starting implementation, and it is a process that requires a certain methodology because it is complex and requires a lot of time, and it is better to use a specialist in the field of feasibility studies.
Let us pause here, dear reader, for a few moments before we complete the definition of the market study or the marketing feasibility study, as we will complete its definition in the coming lines.
But now it is important for us to tell you how to implement the feasibility study, and this is done through two options:
The first option: to carry out the feasibility study on your own without the help of anyone. We have already mentioned that it will consume a lot of your time, while not guaranteeing the success of the project due to your insufficient experience.
But if you want to complete the feasibility study of your project on your own, you must gather as much information as possible about this field.
The second option: It is to resort to one of the specialized companies and one of the most prominent of these companies (Technology Company), it is the best choice when carrying out any feasibility study for any commercial or service project or other.
It has a long experience in the field of carrying out feasibility studies and providing thousands of electronic services that any investor needs at the beginning of his project, to achieve high-profit rates.
Market study concept
The marketing feasibility study and the market study are two sides of the same coin, as the market study step is an integral part of the detailed study of any project, through which the success or failure of the project is studied.
It also shows the project’s ability to continue and compete to determine its strength in the target market and prepare for it, in addition to determining the pricing policy and other matters related to the continuity and success of the project.
The market study requires studying the relationship of the product to the market and includes the following:
The market study requires studying the target geographical area, whether it is a local area or outside the country, in order to effectively market the product or service.
Studying the demand for a commodity or product in the market throughout the year, or the demand for it every season in times of holidays.
All necessary marketing information should be collected such as the relationship between the market and the product, and the level of demand for the product or service provided.
How to study the market
The market study is the starting point for determining the viability of any project, whether this project is industrial, commercial, or even service. Therefore, the project owner must study the market well, and identify the elements necessary for the market study, which are as follows:
The specifications of the product, its most important uses, and the target group in the market must be determined, and the investor must identify the alternative products.
The volume of consumption of the product and the most important motives that will make the public resort to buying it must be determined.
Identify the level of demand for the product and seasonal changes that may affect the service or product.
It is necessary to identify the competitors and the nature of this competition, in addition to making a comparison between the local product and the imported ones.
Effective and good means of advertising and marketing must be identified to be relied upon to promote the product.