The importance of the marketing feasibility study, the marketing feasibility study represents the starting point for the economic feasibility study for any idea of a new project or an already existing project. In today’s article, we will learn about the importance of the marketing feasibility study and what is meant by it, and what are the most important steps that every business owner must follow to ensure the implementation of the project in the actual steps.
The importance of a marketing feasibility study
Let’s start first, my dear, with the definition of the marketing feasibility study, which is one of the most important studies that are carried out on the project, and through it it is known whether the project can be continued or not, or some modifications can be made or disregarded completely, and the search for another project idea.
Therefore, the success of any project is linked to the success of marketing its products well, and the importance of the project is linked to meeting the urgent needs of the public.
Therefore, it is not possible to judge the validity of any project without knowing the extent of the need for the products or services it provides, and what is the volume of supply and demand for them, and the marketing opportunities for that product or service.
Some may wonder how to complete the feasibility study, and you can prepare or do a ready-made marketing feasibility study on your own, without resorting to one of the expensive consulting offices or companies
Which may not be able to some young people or businessmen, especially beginners, or those looking for small or medium projects at the beginning of their lives.
Or resort to companies specialized in the implementation of feasibility studies, but it must be a company of good reputation, praised by everyone for its performance and professionalism in this field.
One of the best companies in the field of electronic services is the Distinguished Technology Company, which specializes in providing economic and administrative consultancy for government and private institutions and factories and for various sectors and fields.
The technology company is characterized by its high ability to carry out all kinds of feasibility studies in a skilled and adequate manner, in order to ensure the client the success and profit he wants from the implementation of his own project.
In addition, the technology company develops alternative solutions in the event that your project suffers any unexpected loss. As for the prices of services provided by technology, they are very distinctive compared to many companies working in the same field.
Marketing feasibility study steps
Determine market size.
Identify marketing opportunities.
The structure and type of the target market The degree of competition and market segmentation.
Defining and planning the work of advertising campaigns.
Determining the size of the expected demand for the project’s products or commodities and evaluating profitable growth rates.
Determine marketing policies in terms of product pricing, distribution and promotion.
Elements of a marketing study
The importance of the marketing feasibility study is that it is one of the most essential elements for the success of the project, as the market is a large arena for those who can take the largest share of it, and who can reap the greatest possible success.
As the market study provides many advantages that no business owner can dispense with, which support the success of the entire project. The most important features that the market study provides to the project as a whole are as follows:
Through the study of the market, you can get acquainted with the most famous sites through which you can do your project, and through which you can also facilitate the process of communication between you and customers, and through the distinguished site you can also easily access your products to private sales outlets your.
A market study allows you to identify the appropriate amount of products that you must provide, which contributes to obtaining customer confidence, in addition to avoiding offering all products that the market does not need, and which can be damaged and this means that you will be exposed to a lot of financial losses.
By studying the market, you can identify the most important advantages that your competitors have in the market and the most important points of defects and weaknesses to work on and avoid them from happening in your project, so you must take into account to avoid all the weaknesses of your competitors, which by realizing this you can outperform them, and you have The largest share in the trade market, which contributes to achieving the largest percentage of sales.