Market Feasibility Analysis – New Products or New Services
We provide a methodology for analyzing the viability of your idea. This type of marketing research is occasionally referred to as a “Sanity Check” or “Sanity Testing.” It is generally considered to be a good idea to investigate the potential positive and negative outcomes of investing too much time, too much money or both in an unproven concept.
Our Marketing Feasibility Service typically focuses on the marketing and economic component of feasibility. There are typically five components: Technical, Economic, Legal, Operational, and Scheduling. Often abbreviated TELOS. We focus on informing the decision from a customer driven model. Our new product or service assessment provides the necessary insights to make your decision. We typically deliver:
- An assessment of the potential market for your product or service
- Uncover unmet needs and discover if a need exists
- Evaluate the ease of market entry
- Estimate the size of the market
- Inform potential volume
- Provide costing information, ideas and variables based on relative demand
- Identify tangential opportunities (new products & services, hot topics, enhancements, unmet consumer needs, potential threats)
- Uncover and mitigate problems
- Quantify opportunities financially model and forecast potential market
- Reduce risk and increase probability of in-market success
The Mindless Babble Blog by Mindspot has an interesting article called Determining Market Feasibility for New Products if you would like to read more.
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