Before you open a factory, a showroom or a new product line, two kinds of study can protect your money: market research and a feasibility study. They are related, but they answer different questions.
Market research answers: will customers buy?
It looks at demand, customer needs, competitors, pricing and buying behaviour. Typical output: who your buyers are, what they will pay, and where the gaps are.
A feasibility study answers: can we make it work?
It combines market findings with location, technology, cost, funding and risk, and tests whether the project is viable. Banks and investors often ask for it, usually as a detailed project report.
Which first?
- New idea, unsure of demand: start with market research.
- Demand is clear, you need approval or funding: do the feasibility study.
- Large investment: do both, so the feasibility numbers rest on real market data.
The most common mistake is to build a financial model on guessed demand. Field data from real customers makes the model credible.
ARS Market Research Services offers both, from Chennai, with field teams across India. Contact admin@arsmrs.in or visit arsmrs.in to discuss your project.