Unit 1.1.7 Market Research + Initial Feasibility Studies

Question 1

Market research

Answer 1

• Process of investigating + analysing
• The activities + behaviours of consumers + competitors
• In a specific market

Question 2

Qualitative data

Answer 2

• Non-numerical data
• Includes info such as opinions or written survey responses

Question 3

Quantitative data

Answer 3

• Numerical data
• Such as figures + statistics

Question 4

Initial feasibility study

Answer 4

• Researched evaluation
• Of how viable
• A proposed business idea/concept is

Question 5

Market feasibility (market research)

Answer 5

• Using market research
• To develop an understanding of the market conditions
• To determine is the concept as potential for long-term success

Question 6

Operational feasibility

Answer 6

Researching:
- What kind of employees are required
- Equipment needed
- If these resources are accessible

Question 7

Commercial feasibility

Answer 7

Two distinct features:
1) Individual must be able to afford the cost of setting up a business
2) Individual will need to determine if the industry is in the position to support the opening of this specific business idea

Question 8

Technical feasibility

Answer 8

• Examines the current skills of the individual starting the business
• And their ability to help the business achieve its aim

Question 9

Legal feasibility

Answer 9

• Individual will need to understand the legal regulations associated w/ starting their business
• and ensure it complies w/ applicable laws + legislations