COMM 320 Chapter Notes - Chapter 3: Intelligent Input Bus, Key Management, Surveymonkey
1 Dec 2016
School
Department
Course
Professor
Document Summary
It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing. Timing of feasibility analysis: the proper time to conduct a feasibility analysis is early in thinking through the prospects for a new business. The thought is to screen ideas before a lot of resources are spent on them. Components of a properly conducted feasibility analysis: a properly conducted feasibility analysis includes four separate components, as discussed in the following slides. Primary research: collected by persons completing analysis, first-hand. It"s an assessment of the overall appeal of the product or service being proposed. Before a prospective firm rushes a new product or service into development, it should be sure that the product or service is what prospective customers want. Then, administer a concept test: involves showing a preliminary description of product or service idea (concept statement) to industry expert and prospective customer (at least 10) to solicit their feedback.
