1F Market research & initial feasibility studies

Question 1

What is Market research

Answer 1

The process of investigating and analysing the activities an and behaviours of customers and competitors in a specific industry.

Question 2

Qualitative data

Answer 2

non numerical data/info

Question 3

quantitative data

Answer 3

numerical stats like figures and statistics

Question 4

Initial feasibility study

Answer 4

a researches evaluation of how viable a business concept is

Question 5

market conditions

Answer 5

the factors that make up and influence a specific industry

Question 6

market feasibility

Answer 6

develop an understanding of market conditions to determine if the business will be successful

Question 7

Operational feasibility

Answer 7

To determine the operational feasibility of a business

Eg. Will the need employees, equipment, resources needed?

Question 8

feasibility

Answer 8

the state or degree of being easily or conveniently done.

Question 9

Commercial feasibility

Answer 9

Will the business make a profit and can you afford to begin the business.

Question 10

Legal feasibility

Answer 10

Are there any laws in the way of your business.

Question 11

Technical feasibility

Answer 11

do you have technical expertise and the resources needed to start