What is the purpose of conducting a feasibility study?

The purpose of conducting a feasibility study is to check if the product idea is viable. A feasibility study evaluates whether a proposed project or product can be successful based on various factors, including market demand, technical requirements, financial considerations, and operational capabilities. It helps entrepreneurs and businesses assess the likelihood of success and the potential for a return on investment before committing significant resources to the development and launch of a product.

By identifying potential challenges and risks early in the process, the feasibility study provides valuable insights that aid in decision-making and strategic planning. It serves as a foundational analysis that must be completed before moving on to more detailed stages such as product development or marketing strategy formulation.