Feasibility

Question 1

What is a feasibility study?

Answer 1

A study that can determine whether the product will be viable to make and sell.

Question 2

What are the different elements of a feasibility study?

Answer 2

Technical (functional+legal)
Market
Commercial
Risk

Question 3

What are the elements to think about for technical feasibility?

Answer 3

• Can the product be protected from competition?
• What are the launch implications if new or innovative?
• What are the products strengths and benefits to the user?
• What resources are needed?
• What are the regulatory standards for the new product

Question 4

What are the elements to think about for market feasibility?

Answer 4

• Is their a place in the market for the new product?
• Who are the target market, their buying patterns and habits and whether the new product will benefit them
• What are the past, current and future competition and will the product surpass them?

Question 5

What are the elements to think about for Commercial feasibility?

Answer 5

• Is it likely to be commercially successful?
• What are the predicted volume of sales and the profit?

Question 6

What will the risk part of the feasibility study do?

Answer 6

Identify risks with the launch of a new product and allow the manufacturer to prepare in advance to minimise the risk.