Business Planning Flashcards
The Feasibility study is conducted before the ________ _________
Business plan
What is a Feasibility Study?
A Feasibility Study is an analysis of a proposal to establish how successful a business is likely to be
List 5 things that the Feasibility study examines
- Market demand
- Target market
- Profitability
- Production Methods
- Distribution channels
- Promotional requirements
Define what Market Research is.
Market research is the process of discovering what customers are buying and what they might buy in the future
A Primary source of research is also called…
Field research
A Primary source of information is…
Information that comes directly from the market or consumers or those who can be affected by the product
List 4 examples of primary sources of information
- Surveys
- Questionnaires
- interviews
- Product tests
The advantages of primary sources are:
- Relevant
- Up to date and more useful
- Where the information is from and how it was obtained is known
The disadvantages of primary sources are:
- Expensive
- Time consuming
- Can still become obsolete if the economy/circumstances change
- The cost may be greater than the returns
A Secondary source of information is also called…
Desk research
A Secondary source of information is..
Information that is taken from already published documents or sources
List 4 examples of secondary sources of information
- Published accounts
- Internet searches
- Government statistics
- Specialist magazines and publications
The advantages of secondary sources are:
- Cheaper
- Can be accessed more quickly
- Can compare various sources of available information
The disadvantages of secondary sources are:
- May be obsolete
- It may be irrelevant to the needs of the business
- It may be unreliable since the integrity of the data collection process cannot be verified
What determines where you get the information for your business?
- Budget
- Amount of profits to be gained if successful (Projection)
- Availability of relevant information
- How long the research will take
- How soon the information is needed
