The feasibility of your product needs to be established before any further development is undertaken.
You need to answer the following questions:
- Will it work?
- Can it be done in time?
- Can it be done within the budget?
- What about up-scaling? It may be possible to produce your product in small amounts or numbers, perhaps in a laboratory situation, but is it feasible to up-scale this process for mass production?
A feasibility report might be organised as follows:
- A general description of the project development project and why it was chosen.
- an outline specification listing key features and performance — this means what you expect the product to do;
- materials needed — properties and approximate amounts;
- processes, equipment and expertise needed.
A Time Plan
This shows deadlines that you have to meet.
A Cost Estimate
A Feasibility Assessment
Is the project feasible?
Product and market research and analysis
To establish the feasibility of your product and/or inform its design and development you will need to do:
- product research — finding out about other similar products that are already available, their design, cost, strengths, weaknesses;
- market research — finding out customer preferences, identifying gaps in the market, getting customer feedback, identifying any social or cultural issues that may be involved in the production and sale of your product.
- 23 November 2007