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.
At ACREM Consultants, we undertake feasibility studies for different clients in different Industries and sectors. These studies are very essential in light of the fact that an estimated about one in fifty business ideas are actually commercially viable.
The studies provide invaluable information about the likely success of new product or service ideas. Thus any time you start considering changing your products or services, developing new ideas, moving into new geographic markets, or expanding your business or service offering.
We are available to provide you with accurate, timely, in-depth information that will help you make the best possible decisions, given the characteristics of your likely customer base and competitors. 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 it appeals to your targeted clientele.
Our feasibility studies are designed in such a way that they enable our clients to have useful insights of;
- The likely demand for the product or service being considered.
- The potential customers’ needs and price expectations?
- Our clients’ competitors.
- The strengths and weaknesses of our clients’ competitors from our clients’ potential customers’ perspective?
- How our clients can design their products or services in the most effective ways, given the needs of our clients’ target market and the competitive environment?
Often our feasibility studies are three (3) fold as detailed below.
|Focus Area||What often we look out for;|
|Financial resources and climate||