Getting to Market With Your MVP by J.C. Baker

Author:J.C. Baker
Language: eng
Format: epub
Publisher: Business Expert Press
Published: 2018-09-19T10:52:14+00:00

Components of the Viability Report and Feasibility Study

There are no concrete methods for writing viability reports and feasibility studies. These activities exist as a framework for entry and not as a universal method delivering entry success. The more information collected and perspectives analyzed the more varied and diverse the opportunity for success. Founders are more confident, persuasive to investors, and consumers when demonstrating ideas across multiple strategies while ­validating underlying assumptions and strengths of the innovation (Gans et al. 2018). All of the stakeholders account for in the development of the concept and a comprehensive viability report, and feasibility study will offer this. To maintain control of the innovation and find a way to provide value in the existing marketplace the intellectual property, value chain, and disruptive properties are all considered in execution (Gans et al. 2018). Control of the innovation allows for the entrepreneur or small business owner to remain focused on the tangible deliveries for maintaining a schedule and cost responsibility.

The viability report and feasibility study comprehensively break down various aspects needed for a good product launch. The following topics are foundational components of a viability report and feasibility study

Description: The description of the product is detailed and specific. A thorough explanation of the utility and design of the concept, ­product, or service will allow all stakeholders to understand the innovation appropriately. As mentioned previously, the ­understanding and interaction with the concept, product, or ­service is a major determining factor for successful market entry and ­sustainability.

Core Industry: An appropriate diagnosis for market entry extends from outlining the core industry. The previous success and failures in the industry provide insight on how to navigate with the innovation. Analysis of the industry carves a right path for product placement in the market. Researching reactions to the other concepts, products, or services increases the knowledge of consumer behavior invaluable to the entrepreneur.

Trends, Substitutes, Complements: The trends, substitutes, and complements are paramount for recognizing competition and opportunity. Like products, industry-altering products, and connecting products are discovered at a higher level during this stage. Trends allow the entrepreneur to determine how the market is changing, shifting, or behaving. If a concept, product, or service is out of trend, then the likelihood of success is low. For instance, the trend in the current climate is the Internet-of-things for ­connectivity. If an entrepreneur’s concept, product, or service is based on analog solutions, the novelty for market entry is reduced. Substitutes for a concept, product, or service are hazardous to the longevity and sustainability opportunities. An example of a substitute is a vegetarian burger over a beef hamburger. If the trend in the food and beverage industry heavily slants toward perceived healthier options, the introduction of a new beef hamburger restaurant may be thwarted by an organic cafe serving black bean burgers. Beverage companies experience this reality with flavored waters substituting sugary drinks. Complements are other concepts, products, and services providing an increase for the new concept, product, or service. An instance of a complement is the reality of mustard and ketchup sales having an attachment to hamburgers and hot dog sales.

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