Discuss meaning and four forms of market feasibility and describe the 4 steps involved in marketing analysis ?

Market feasibility refers to the process of determining whether a business idea or product has the potential to succeed in a specific market. It involves analyzing various factors such as demand, competition, and consumer behavior to assess the viability of a business venture. There are four main forms of market feasibility:

1. Technical feasibility: This form of feasibility assesses whether the technology required for a business idea or product is available and feasible to implement. It involves evaluating the technical requirements, resources, and capabilities needed to bring the idea to market.

2. Economic feasibility: Economic feasibility focuses on determining whether a business idea or product is financially viable. This involves analyzing the costs and potential revenues associated with the venture, as well as conducting a cost-benefit analysis to assess the potential return on investment.

3. Legal feasibility: Legal feasibility involves evaluating the legal and regulatory requirements that may impact the success of a business idea or product. This includes assessing any potential legal barriers, licensing requirements, or intellectual property issues that may need to be addressed.

4. Operational feasibility: Operational feasibility assesses whether a business idea or product can be effectively implemented and managed within the existing operational framework of a company. This involves evaluating factors such as resources, skills, and processes needed to bring the idea to market.

The four steps involved in marketing analysis are:

1. Market research: This involves gathering and analyzing data on the target market, including consumer preferences, buying behavior, and market trends. Market research helps businesses understand their target audience and identify potential opportunities and threats in the market.

2. Competitor analysis: Competitor analysis involves evaluating the strengths and weaknesses of competitors in the market. This helps businesses identify their competitive advantage and develop strategies to differentiate themselves from competitors.

3. SWOT analysis: SWOT analysis involves assessing the strengths, weaknesses, opportunities, and threats facing a business. This helps businesses identify internal strengths and weaknesses, as well as external opportunities and threats that may impact their success in the market.

4. Marketing strategy development: Based on the findings from market research, competitor analysis, and SWOT analysis, businesses can develop a marketing strategy to effectively reach their target audience and achieve their business goals. This may involve developing a marketing plan, setting objectives, and implementing tactics to promote the business idea or product in the market.

Meaning of Market Feasibility

Market feasibility refers to the viability of a new product or service in the target market. It assesses whether there is a sufficient potential customer base, demand, and competition to make the launch of the product or service successful.

Four Forms of Market Feasibility:

1. Primary Market Feasibility:
Examines the demand and potential customer base for the product or service, considering demographics, purchasing behavior, and customer needs.

2. Secondary Market Feasibility:
Analyzes the overall market size, trends, growth potential, and competitive landscape through market research and industry data.

3. Derived Market Feasibility:
Evaluates the demand for the product or service based on the success of similar products or services in related markets.

4. Micro Market Feasibility:
Focuses on a specific geographic area or niche customer segment to determine if there is sufficient demand within that target group.

Four Steps Involved in Marketing Analysis:

1. Situation Analysis:
- Conduct a thorough market research to understand the target market, competition, and industry trends.
- Identify customer needs, pain points, and unmet demands.

2. Segmentation, Targeting, and Positioning:
- Divide the market into distinct customer segments based on demographics, behavior, and needs.
- Select the most promising target market and develop a value proposition that aligns with their specific needs.
- Position the product or service to differentiate it from competitors and establish its unique identity.

3. Marketing Mix Development:
- Determine the optimal combination of product, price, promotion, and place strategies to meet the target market's needs.
- Consider product features, pricing models, promotional campaigns, and distribution channels.

4. Evaluation and Control:
- Track and measure the performance of marketing efforts against predetermined goals.
- Collect customer feedback, conduct market research, and adjust strategies as needed to improve results.