Question

What are the steps that should be taken in conducting a feasibility analysis? Relate that specifically to your chosen product or service.

Answer 1

  

The feasibility of conducting the feasibility study for a business is needed to get the need of the products among the target clients and audience to understand its need or wish from the business. The product chosen is a new brand of Chocolate which is a low calories chocolate which the business with to make and sale. The study with the steps below makes the product feasibility study in steps.

• Conduct a Preliminary Analysis of the consumer’s needs in such a food category.

• Prepare a project of the cost for the new project

• Conduct a Market Survey for the understanding of the demand and supply along with the taste from the market study

• Plan Business Organization and Operations which would give the best of outcomes as the survey results needs

• A time-bound financial sheet is to be made to understand the break-even study for the time and business strengths based on it.

• The survey data is analyzed by the experts to make a decision.

• Hence the decision based on the survey is made and done for a feasibility analysis.

Hence the steps help the people need to take to make the business and its aspects from the market survey result from doe decision making. Hence the service and products are made based on such a survey which suggests if it is going to be successful and the needs of the consumers to meet them.