Chapter 3 outline - Chapter 3 1) Feasibility Analysis a....

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1) Feasibility Analysis a. Process of determining if a business idea is viable b. Assessment of a potential business rather than strictly a product or service c. Primary Research i. Research collected by the person contemplating feasibility analysis ii. Includes talking to industry experts, obtaining feedback from perspective customers, conducting focus groups and administering surveys. d. Secondary Research i. Probes data that is already collected ii. Includes industry studies, census bureau data, analyst forecasts and other pertinent information gleaned through library and internet research. 2) 4 Steps in Feasibility Analysis a. Product and service feasibility analysis i. Assessment about the overall appeal of the product or service ii. Product Service Desirability 1. Does it make sense? Is it reasonable? 2. Does it take advantage of a trend or solve a problem or fill a gap in the marketplace 3. Is this a good time to introduce the product or service to the mark 4. Are there any fatal flaws in the product or service basic design or concepts. iii. Concept test 1. Involves showing a preliminary description of a product or service idea, called a concept statement, to industry experts and prospective customers to solicit their feedback. a.
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This note was uploaded on 10/20/2009 for the course HRIM 497f at Pennsylvania State University, University Park.

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Chapter 3 outline - Chapter 3 1) Feasibility Analysis a....

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