Key Question: Is this a service or product that customers will buy? • What are the direct benefits to the customer? Approximate the best you can anticipate the size of the market? • Where are customers getting the product now?

Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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If we have selected a problem and it is climate change which is affecting our environment and we are thinking about a product which is (Water conservation technologies such as drought-resistant crops and greywater systems address the problem of water scarcity, which is an issue that is being exacerbated by climate change) Now we need to answer the following questions on our product shown in the image.
Market Feasibility
Key Question: Is this a service or product that customers will buy?
What are the direct benefits to the customer?
Approximate the best you can anticipate the size of the market?
Where are customers getting the product now?
Why would they purchase from us?
• Is the industry that the business falls within, large and growing? (Favourable)
Technical Feasibility
Key questions to answer: Can it be done and should it be done?
Are the core technologies available? (Have, develop or get)
Are there any laws or regulations against this business concept?
Are there moral or ethical issues that need to be considered?
●
Human Resource Feasibility
Key Question: Is this the right business for me?
• Do our skills and abilities fit the business?
• What are the skills needed that we don't have?
Who would we need to hire?
Transcribed Image Text:Market Feasibility Key Question: Is this a service or product that customers will buy? What are the direct benefits to the customer? Approximate the best you can anticipate the size of the market? Where are customers getting the product now? Why would they purchase from us? • Is the industry that the business falls within, large and growing? (Favourable) Technical Feasibility Key questions to answer: Can it be done and should it be done? Are the core technologies available? (Have, develop or get) Are there any laws or regulations against this business concept? Are there moral or ethical issues that need to be considered? ● Human Resource Feasibility Key Question: Is this the right business for me? • Do our skills and abilities fit the business? • What are the skills needed that we don't have? Who would we need to hire?
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