We also do feasibility studies for different firms and organizations in different industries. Basically, a feasibility study is a preliminary study undertaken to determine and document a project's viability. The results of this study are used to make a decision whether or not to proceed with the project.
Feasibility studies are very essential in the light of the estimate that only one in fifty business ideas are actually commercially viable. Therefore a Business Feasibility Study is an effective way to safeguard against wastage of further investment or resources. Feasibility should precede the development of a full business plan and it provides information which will support the business planning stage and reduce the research time.
Feasibility studies can be conducted for NGOs, Government agencies before the start of any project or programme.
Businesses that want to enter a market or introduce a new product or services can carry out market feasibility studies. Conducting market feasibility early in the development cycle can provide a "reality check" on your idea as well as help define product development to ensure its appeal for your customers. This type of market research is used to determine:
How much of a demand is there for the product or service you are considering?
What are your potential customers' needs and price expectations?
Who are your competitors?
What are the strengths and weaknesses of your competitors from your potential customers' perspective?
How can you design your product or service most effectively, given the needs of your target market and the competitive environment
Needs assessments are market feasibility studies, which involve studying a geographic region or client population to see if there are unmet needs or barriers to access that could be addressed by changing or expanding existing services or by developing new services?
Environmental scans are expanded needs assessments that include a broad survey of community characteristics and needs.
Market feasibility studies can provide invaluable information about the likely success of new product or service ideas. Any time you are considering changing your products or services, developing new ideas, moving into new geographic markets, or expanding your business or service offering, Ciel Consulting Research can provide accurate, timely, in-depth information that will help you make the best possible decisions, given the characteristics of your likely customer base and competitors