Question
Differentiate between Market Feasibility and Market Research
Answer :
Word Count : 1273
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Skip in 10
Market feasibility and market research are closely related concepts in entrepreneurship and small business, but they differ in their purpose, scope, process and outcomes. Both help an entrepreneur understand the market before launching a new product or service. However, market research primarily focuses on collecting and analysing information about customers, competitors and market conditions, whereas market feasibility is a broader assessment of whether a proposed business idea can successfully operate and generate acceptable returns in a particular market. Market research is a systematic process of collecting, analysing and interpreting information about a specific market. It helps an entrepreneur understand customer needs, preferences, purchasing behaviour, market size, competitors, prices and emerging trends. It may involve both primary and secondary sources of information. Primary research includes surveys, interviews, focus groups, observations and experiments conducted directly with potential customers. Secondary research uses information already available through government publications, industry reports, company websites, journals, newspapers, databases and other published sources. The main purpose of market research is to reduce uncertainty about the market. For example, an entrepreneur planning to establish a healthy-food delivery business may conduct surveys to determine how many customers are interested in healthy meals, what prices they are willing to pay, which types of food they prefer and how frequently they would order. The information obtained can assist in designing the product, determining prices, selecting promotional methods and identifying target customers. Market feasibility, on the other hand, is an overall evaluation of whether a business idea is commercially viable in a particular market. It asks a broader question: “Is there a sufficient and sustainable market opportunity for this business idea?” Market feasibility considers market demand but also examines factors such as market size, growth potential, customer characteristics, competition, industry conditions, entry barriers, pricing possibilities, distribution channels and the entrepreneur’s ability to serve the market. It is therefore an important part of the overall feasibility study of a proposed venture.
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