Market Feasibility Studies

We believe there are 5 crucial constituents of any quality market feasibility study:

• In-Depth Interviews with Stakeholders
  
  Our observations through past studies has firmly established that talking with key stakeholders is an ideal way to begin with. This dialogue ensures that all groups buy into ownership of the process and support the market research. Not only this, we are able make ourselves familiar with the market research team and make them familiar with the project and its goals in a qualitative and open-discussion format. This is a mutually beneficial first step for both parties. The stakeholders could be key personnel in the organization, suppliers, distributors, or any other stakeholders who may offer credible feedback and play a role in your business’ plans.
  
• Demographic Assessment and Trend Analysis
  
  Demographic assessment is the life blood of a site selection process. This involves secondary research and analyzing the market. This also leads to creating pool or population that you as a client can use for your demand modeling and estimates. Information is collected for the market with regards to population trends, age, consumer expenditures, education and any other relevant demographic statistics that is likely to impact the feasibility of the project. We emphasize on secondary research because probing existing industry trends and ancillary data that is worth noting is always beneficial to the overall endeavor.
  
• Quantitative Survey
  
  An important or let us say integral portion of the market research project where primary data is collected from end-users! The questions are aimed at current and predicted usage along with understanding the impact the new business idea will have on the market. The questions asked in the survey serve as the foundation for the demand model and estimates subsequently.
  
• Competitive Assessment
  
  The competitors who are already into the same business as the client need to be assessed. We undertake an extensive profiling of each competitor through mystery shopping, calls, visits to collect that information which is not available on the website or any other public sources, or any other piece of information which is vital for you as our client. Through the extensive analysis of competitors, we bring to the table a detailed understanding of existing product gaps which can be tapped by our client.
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  Demand Model/Estimates with Recommendations
  
  The last step to a quality market feasibility study is putting together the first four components. These findings lead to the creation of a demand model. The demand model helps in estimating the likelihood and habits of end-users for the new business we are testing. The demand estimates use predictive modeling to offer a rough figure based on the combination of known factors and assumptions. The executive summary also serves as a nice and short snapshot of findings, which works well for upper management if they do not have the time to read through a 100-plus page report. We ultimately adopt objectivity in our analysis and make a “go” or “no go” recommendation.