Market Feasibility Flashcards
What do needs assessments involve?
Studying a geographic region or client population to identify unmet needs or barriers to access
What is competitive intelligence analysis?
The process by which an organization assesses the evolution of its industry and the capabilities and behavior of competitors
What are the key elements of market feasibility studies?
- Overall demand for new products, services, or ideas
- Characteristics of likely customers
- Characteristics of likely competitors
How can market feasibility studies assist organizations?
By identifying how best to market, advertise, and communicate about the product or service
What is secondary data?
Information that has already been collected and is available to the public
Give an example of secondary data.
Population statistics from STATIN in Jamaica
What is primary data?
Data gathered specifically for a research project
What are common methods for gathering primary information?
- Focus groups
- Telephone surveys
What should market feasibility studies analyze regarding competitors?
The strengths and weaknesses from potential customers’ perspective
What factors should be considered when designing a product or service?
The needs of the target market and the competitive environment
What are likely barriers to successful introduction of a product or service?
Factors that could hinder market entry or acceptance
What is the purpose of needs assessments for organizations like the Ministry of Health?
To identify unmet needs and barriers to access in the community
What information is needed to assess market feasibility?
- Demand for the product or service
- Potential customers’ needs and price expectations
- Competitors
True or False: Primary data is less specific than secondary data.
False
Fill in the blank: Needs assessments are market feasibility studies designed specifically for organizations such as the Ministry of Health and Ministry of _______.
Labour and Social Security
What should organizations consider regarding how competitors will react to new products?
Their likely reactions upon introduction of the product or service
What is the goal of market feasibility studies?
To inform decisions on product design, delivery, pricing, and marketing
