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    To Judge The Potential of Generating Revenue of A New Idea

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    Christine Magnaye
    This document outlines the key questions that should be answered in a feasibility study, including identifying the target market, estimating the size of the market, understanding customer expectations, analyzing competitors' business models, determining the core competencies of the product or service, and identifying the competitive advantage. It then provides a template for how to structure a feasibility study, with sections on background, market study including SWOT analysis, and financial analysis.

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    To Judge The Potential of Generating Revenue of A New Idea

    Uploaded by

    Christine Magnaye
    24 views3 pages
    This document outlines the key questions that should be answered in a feasibility study, including identifying the target market, estimating the size of the market, understanding customer expectations, analyzing competitors' business models, determining the core competencies of the product or service, and identifying the competitive advantage. It then provides a template for how to structure a feasibility study, with sections on background, market study including SWOT analysis, and financial analysis.

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    This document outlines the key questions that should be answered in a feasibility study, including identifying the target market, estimating the size of the market, understanding customer expectations, analyzing competitors' business models, determining the core competencies of the product or service, and identifying the competitive advantage. It then provides a template for how to structure a feasibility study, with sections on background, market study including SWOT analysis, and financial analysis.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    24 views3 pages

    To Judge The Potential of Generating Revenue of A New Idea

    Uploaded by

    Christine Magnaye
    This document outlines the key questions that should be answered in a feasibility study, including identifying the target market, estimating the size of the market, understanding customer expectations, analyzing competitors' business models, determining the core competencies of the product or service, and identifying the competitive advantage. It then provides a template for how to structure a feasibility study, with sections on background, market study including SWOT analysis, and financial analysis.

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    1.

    In conducting a feasibility study, explain why is it important to answer the


    following questions:
    1.1 Who is your target market;

    Finding target market of a business is just one important component of


    marketing plan process. A target market is defined as the specific group of
    people a business want to reach with marketing message. They are the
    people who are most likely to buy the offered products or services, and they
    are united by some common characteristics, like demographics and behaviors.

    Defining a target market can help a business to analyze sales data,


    learn customers purchase habits, product preferences, and demographic
    information. By gathering data regarding the aspects of target market, a
    business can determine how the product or service will fit into target market’s
    lifestyle, when target market will use the product, what features are most
    appealing to target market and what media the target market turns to for
    information.

    1.2 What is the size of the market;

    Estimating market size is a crucial aspect of evaluating company’s


    potential for future success. Market size refers to the number of potential

    buyers for a product or service in a given area.   Estimating potential market


    size is a key step to successfully bringing an idea to market and can help the

    entrepreneur to judge the potential of generating revenue of a new


    idea.
    1.3 What do customers expect from the type of product or service;

    A business can’t achieve success without winning over target market,


    which is why understanding customer expectation is so important. Customer
    expectation refers to the wants and needs of the people a business want to
    attract to buy products and services and often includes understanding
    customer service. The marketing should be based largely on customer
    expectation, which means that a business communicate the qualities that
    make products and services attractive to the targeted market. The
    expectations customers have are typically based on actions they value as
    important. The benefits of understanding customer expectations lets the
    business know what service levels are expected to keep customers happy and
    achieve high customer satisfaction.

    1.4 What are the business models of the competitors;


    By linking business models of competitors to new business idea, the
    business acquires greater opportunity for success. Learning the business
    models of competitors helps in activation of the business idea by acting as
    a guideline for diversification.

    1.5 What core competencies must the product or service have; and

    Identifying and exploiting core competencies of a product or


    service is seen as important for a new business making its mark or an
    established company trying to stay competitive.

    1.6 What is your competitive advantage?

    Knowing the competitive advantage of the owned product or service is


    essential to practice gaining an ‘edge’ over competitors by offering consumers
    greater value.

    2 Design a feasibility study based on given titles presented below. Follow the format
    comprehensively. (Choose only one title)
    Title: A Feasibility Study of a Golden Hands Tailoring Shop in Lipa City
    A Feasibility Study of Lomi House in Lipa City
    Seaworld Seafood Restaurant
    Name of the Firm _____________________________________.
    CHAPTER
    I. Background of the Study

    Intoduction
    Methodology

    Research Design

    II. Market Study

    Major Consumer of the Product

    SWOT Analysis

    Strength

    Weaknesses

    Oppurtunities

    Threats

    Market Strategies/Program

    Product

    Brand Name

    Packaging

    Pricing

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