Market Feasibility is essential and indispensible in every business establishments. It involves collecting and gathering information about a potential market that can be used in deciding how a product service should be designed, delivered, priced, marketed, how to extend the image of the business, who are the competitors, demand and analysis and who are the potential customers.
Conducting market feasibility can provide a reality check on your idea as well as help define product or service development to ensure its appeal to customers.
Objectives * To identify the preference and trends of its market. * To perform demand analysis and identify its competitive position in the market.
* To identify the factors affecting the marketability of the services being offered by the business and established a program to be used as a tool for promotion. * To formulate and gain knowledge of some strategic techniques in the world of trade and commerce.
GENERAL MARKET DESCRIPTION The general market of the proposed business, Casa de Cómodo, is composed mostly of students from Dipolog City Institute of Technology (DCIT) located in National Highway, Minaog, Dipolog City. The school has college and highschool students but since COZY Home is a boarding house, it would only accommodate the college students ranging from 16 years old and above, with monthly income/allowance of at least Php 1200. As to gender, most of the prospective customers are males since DCIT is the only school offering Maritime Courses that had passed the requirements of Commission on Higher Education and International Standard Organization in the whole province. As to status, most of the students are supported by their families and relatives and the rest are independent individuals.
DEMAND ANALYSIS DCIT is one of the educational institutions offering the lowest tuition fees in the whole province, ZamboangaDel Norte and this is the very