The difference between marketing and marketing feasibility study
Marketing is the process of transmitting information from the business to the customer, such as by introducing a new product. This communication aims to inform customers about the existence of a product or service, highlight its features and benefits, and persuade them to make a purchase.
On the other hand, a market feasibility study involves the flow of information from the customer to the business, whereby the customer provides the business with information about their preferences, tastes, and willingness to pay for a product at a specific price point.
What is Marketing Research:
Marketing research is the identification, collection, and analysis of information aimed at solving marketing-related problems and identifying opportunities. It involves gathering data to understand consumer behavior, market trends, and competitive dynamics to inform strategic decision-making.
Definition of Competitive Advantage:
Competitive advantage occurs when a business makes its product or service more attractive to customers compared to its competitors. This advantage is achieved by offering customers more benefits, value, or unique features that differentiate the business from its competitors.
Market Feasibility Study Components:
A market feasibility study involves four key components: They are
1, Product Description:
This component gives a detailed description of the product or service being assessed for feasibility, including its features, benefits, and unique selling points.
2, Market Position:
It involves the evaluation of the product’s position in the market, considering factors such as competition, target audience, and market demand.
3, Market Information:
Gathers relevant market data and insights, including demographics, consumer preferences, purchasing behavior, and market trends.
4, swot Analysis:
It involves conducting a swot analysis to assess the internal and external factors that may impact the feasibility and success of the product or service in the market.
Entrepreneurship & Business Management N4 Importance of Feasibility Study
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