Business Feasibility Study
In the past Article, we talked about the two first steps of the Business Feasibility Study Outline. It's time now to explain the third step to do before opening a business.
The third step is about "Intended Market Environment".
What to study in this field?
Target Market:
- Define and Describe the target market(s). Distinguish between end users and customers.
- Be clear how end users and customers benefit. How and Why would they buy the product or service?
- What is the projected need(s) your product or services fulfill so beautifully? How big is the opportunity? what level of actual market demand can be measured versus projected?
- What industry is the target market in, who are the key players, frequency of product purchase, replacement needs versus expansion, purchasing process.
- Estimates of market size, initial targeted geographic area, enterprise's targeted market share.
- Demographic factors, such as income level, age range, gender, educational level, ethnicity.
- Psychographic factors.
- Relevant behavioral factors such as frequency of product purchase and shopping behavior.
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