Understanding your target market is a key step in the process of creating a successful marketing plan. A target market is a group of people who share certain characteristics and are therefore more responsive to specific marketing strategies. Identifying a target market helps the business manager achieve greater success while reducing costs and risks involved in target customer satisfaction. It also gives more insight into what customers need and expect which can open up new opportunities for business expansion.

A market feasibility study should be conducted after the project has been pitched but before any work has started. A feasibility study can be conducted by a team at your organization or by an external consulting firm. In either case, the study should consist of a review of the project’s intent, priorities, and objectives, identification of any risks and issues in the marketplace, and documentation of various possibilities, including estimates to overcome those risks and issues.

Market feasibility studies should include a description of the industry, current market analysis, competition, estimated future market potential, prospective sources of income, and sales estimates.

Feasibility studies are carried out on ideas, campaigns, products, processes, and entire businesses to see how they function, whether they will work and if there are any possible issues. They weigh the advantages and disadvantages and examine a number of possible business scenarios. A marketing plan, on the other hand, is designed to be implemented and maps out particular concepts, methods, and campaigns based on the feasibility study.