It is a study that presents an innovator all the necessary data regarding the projected project revenue. It also determines the costs required to establish and implement the innovator’s idea. The marketing study researches all aspects and conditions of the market in which the project will be established and determines whether the project is feasible.

Conducting a marketing feasibility study helps identify potential markets and competition. It also fully analyzes the market to evaluate the business idea. It is integral for companies that are planning to start a business. It helps entrepreneurs understand the success of the proposed project and the needs of customers in a particular market segment.

This is done through field studies and analysis of current data, to:

Define the problem and the goal of the study.

Determine the sources and types of data.

Determine the study population.

Determine the means of data collection.

Statistical analysis of data.

Draw conclusions and make rational decisions.