What is a Feasibility Study?
A feasibility study is designed to understand the potential successes and barriers of a new product or service coming to market. Although some feasibility studies utilize a mixed-mode approach of both qualitative and quantitative research, the emphasis is on quantitative to assure the results are statistically reliable. These are often called a market analysis study. Drive Research has experience with a number of feasibility studies across the U.S.
How do Feasibility Studies work?
Feasibility studies assess the simple concept of supply and demand using market research. Syndicated research and demographic data is used to identify market supply while survey research is used to estimate the demand for a product or service. These two modes blend together in the Drive Research report and a predictive model is developed to help answer the likelihood of success of the concept.
Why Feasibility Studies with Drive Research?
A feasibility study firm like Drive Research can provide your business with the data it needs to determine the feasibility of your new product or service. The final report combines insights from all data sources to tell a digestible story for your concept. Recommendations and strategic improvements are also suggested by Drive.
Is your business concept or venture feasible? Find out using Drive Research's exclusive approach to feasibility studies using a series of methodologies.