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determine the feasibility of your idea/solution
State your idea.
· Is there a demand for your idea/solution?
(Be sure to discuss the target market and provide information on the demographics of the target market.)
· Who are your competitors?
You need to know who is already in the space that you too want to occupy.
· List your competitors.
(For this assignment, investigate at least two (2) competitors.)
· Determine the type of competition.
· What is your competitive advantage?
(For this assignment, list at least two (2) advantages.)
· What are the strengths and weaknesses of the competitions’ service/product?
(For this assignment, identify at least two strengths and two weaknesses. Explain why it is a strength or weakness.)
· Is it financially feasible?
(Note: It is okay to estimate the pricing and costs for development of service/product.)
· State your final determination if it’s feasible.
· Provide details to explain why it is or is not feasible at this time, supported with primary and secondary research.
· You MUST include primary and secondary research throughout the feasibility process to support findings. For example, you say there’s need or desire for your product/service? How do you know? It is your opinion only when you do not have relative and reliable research to back up your claims. THIS IS NOT AN OPINION PAPER. This should also be written in 3rd person.
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