Market research and initial feasibility studies Flashcards
1
Q
what is market research?
A
a process of systematically collecting, recording, and analyzing information concerning a specific market
it is important to ensure the product produced is likely to satisfy consumer tastes
2
Q
what are market conditions
A
the features of a market into which a new good or service is to be introduced, including factors such as the number od potential customers, level of competition and potential for growth
3
Q
what is a feasibility study
A
it is an assessment of the practicality and potential for success of a proposed business idea
4
Q
what does a feasibility study include?
A
- an assessment of the market
- a consideration of the operations
- an analysis of commercial feasibility
- an appraisal of the potential owner’s management ability
- an understanding of whether others have tried this idea before
