COMM 320 Lecture Notes - Lecture 3: Target Market, Financial Statement, Business Process
5 Dec 2018
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Document Summary
Feasibility analysis is the process of determining if a business idea is viable. Methodology for conducting feasibility analysis has 4 areas: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility. Primary research research done for that specific idea, done by you. Secondary research research done by someone else for another relatable concept. Feasibility gives the option to change, adjust and revise ideas as a result of the feedback that is received and analysis that is conducted. The idea of feasibility analysis is to put an idea to the test and see how it comes out. Is an assessment of the overall appeal of the product or service being proposed. The prod/service itself needs to be able to sell: product/service desirability. Need to see that it"s desirable and serves a need in the marketplace. Concept test: involves showing preliminary description of a product or service idea, called a concept statement, to industry experts and prospective customers to solicit their feedback.
