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Feasibility

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:

Introduction

  • A general description of the project development project and why it was chosen.

Technical Outline

  • 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.

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