The feasibility study focuses on answering the basic question
Should we proceed with the implementation of the proposed project idea?
All study activities are directed towards helping to answer this question.
A viable business is one in which the company will generate sufficient cash flow and profits, assume the risks it will face, remain viable in the long term, and achieve the founders' goals.
Objectives
1. Create an accurate picture of the targeted market.
2. Determine the expected changes in the market and take the necessary actions and measures.
3. Identify the critical success factors of the project and work on them.
4. Identify competitors' strengths and weaknesses and focus on developing competitive advantage and added value on the market.
5. Develop products and services based on a deep understanding of customers' requirements.
6. Identify opportunities in the market and how to exploit them.
Outcomes
1. Analysis of economic, social and demographic indicators of the targeted sector.
2. Analysis of the indicators of the target sector in terms of current and future projected growth ratios and changes.
3. Identify global, regional and local best practices for the sector or product.
4. Calculate the market size in the target country or geographical region, analyzing the expected growth rates in the market size, and dividing the market by target groups and sectors.
5. Determine the target customer categories and analyze the purchase behavior of the proposed product.
6. Analysis of competitors in the sector in terms of market share, strengths and weaknesses of each major competitor in the market.
7. Price analysis of products in the market and determine the best pricing strategy for the target groups of customers.
8. Analysis of the project location and its impact on the project's performance in terms of sales and future expansion.
9. Determine the marketing activities required to promote products/services to the target groups.
10. Analysis of forecast sales in the target geographical range during an expected period of 5-10 years.
11. Identify the critical success factors that must be available in the project in order to ensure the success of the project and achieve its strategic objectives.
12. Identify the potential challenges that may be faced in the project, and how to deal with these challenges.
13. Analyze the risks that the project can face and how to avoid these risks.