Feasibility-Study.com
Market Feasibility Study Components

Demographic Analysis

When you are launching a new product or service, it makes sense to understand who you are selling to?

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How many of these people fit your target market profile? Find out by using demographic analysis as part of your market feasibility study.

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When conducting demographic analysis it's important to cater your analysis to your target market. This will help you understand the supply of available audience who may use your product or service. Depending on your venture it could range from less than 1% of the population to 100%. It will also help you identify pockets and geographies to market to.

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For example, if your new location caters to high-income households, you may be able to spotlight the 2 or 3 ZIP Codes in your market which offer the highest population of high-income households. These findings can be integrated into future marketing reach-outs.

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Demographic analysis might also include a special look into visitors and convention bureau's traveler information (e.g., who is visiting the area, where are they coming from, how much of an impact will they have on your venture?) posted on their websites.

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Other demographics include data like traffic patterns and traffic counts for specific locations. Feasibility-Study.com provides the most comprehensive demographic analysis available!

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Competitive Assessment

Who are your Competitors and how are they preforming?

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Are there gaps in the market?   

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Is there unmet demand?

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All feasibility studies include some level of analysis of the competition.

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Since most market feasibility studies are new products or services being marketed to existing markets, you'll likely have a competitor in your market area.

Using a competitive assessment as part of your market feasibility study will give you more insight and help your organization understand how much or how little of an impact they'll have on your project.

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The basic competitive assessment is heavily weighted to online research. The assessment scours the internet for marketing examples, pricing, PR, and other forms of information which can be used to inform the feasibility work.

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Knowing areas of weakness of the competition will help you better capitalize on short-comings.

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Much like a game of chess, a competitive assessment helps you not only understand what moves to make now but identifies competitive strategies 2 or 3 moves ahead.

Setting up a mystery shopping project is fairly straight-forward.

At Feasibility-Study.com, your market research company, we work to identify the competitors you want to focus on.

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