Feasibility Analysis ICS

Feasibility Analysis ICS - Chapter 3: Feasibility Analysis...

Info iconThis preview shows pages 1–11. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 3: Feasibility Analysis Making sure you have a viable business idea
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Timing of Feasibility Analysis The proper time to conduct a feasibility analysis is early in thinking through the prospects for a new business. The thought is to screen ideas before a lot of resources are spent on them. Components of a Properly Conducted Feasibility Analysis A properly conducted feasibility analysis includes four separate components, as shown in the figure on the next slide. When To Conduct Feasibility Analysis?
Background image of page 2
Feasibility Analysis Proposed  Venture No to any  one? Yes to all? Proceed Drop or  Rethink Product/Service  Feasibility Industry/market  Feasibility Organizational  Feasibility Financial  Feasibility
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Product/Service Feasibility Analysis Is an assessment of the overall appeal of the product or  service being proposed. The idea is that before a prospective firm rushes a product  or service into development, it should be confident that the  product or service is what its prospective customers want. Examples: DeLorean Colgate Meals New Coke
Background image of page 4
Product/Service Feasibility Analysis • The two components of a  product/service feasibility analysis are: • Product/Service desirability. • Product/Service demand
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Product/Service Desirability Its purpose is to affirm that the proposed  product or service is desirable and  serves a  market need . Does it make sense? Does it solve a problem or fill a gap in the  marketplace? Is it a good time to introduce it? Are there any fatal flaws in the design?
Background image of page 6
Concept Statement A concept statement is a preliminary description of an  entire business idea. Product Intended market Benefits Positioning relative to competitors (special, unique or  differentiating features)
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Concept Test A concept test involves showing a representation of the  product or service to prospective users to gauge customer  interest, desirability, and purchase intent. It should be shown to at least 10 people familiar with the  industry. You need candid and informed feedback. Avoid friends and family members.
Background image of page 8
Concept Test Sample Survey 1. List three things you like about the product/service. 2. Provide three suggestions 3. Do you think this idea is feasible? 4. Comments?
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Usability Test Is the method by which users of a product are asked to  perform certain tasks in order to measure the product’s  ease-of-use and the user’s perception of the experience. Usability tests are sometimes called user tests, beta tests, or 
Background image of page 10
Image of page 11
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 30

Feasibility Analysis ICS - Chapter 3: Feasibility Analysis...

This preview shows document pages 1 - 11. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online