Chapter 2 MARKET ASPECT It is said that the lifeblood of all feasibility study is the market aspect because it serves as a basis for the proponents to have a clear picture in pursuing the business

Chapter 2
MARKET ASPECT
It is said that the lifeblood of all feasibility study is the market aspect because it serves as a basis for the proponents to have a clear picture in pursuing the business. The main goal of every business to establish is to earn profit. The proponents need to determine the factors need to consider in establishing the business, like the opportunities and threats, target market, total demand and supply of the service, competition and the marketing program which refers to the product or service, price, promotional activities and place.
Market study is the process of gathering, analyzing, and interpretation of data and information about the target market, about the product or service to be offered in the market, history of the potential customers, and the location and needs of your target market, the industry as a whole and the direct competitors. The essence of accurate gathering data and information can make a business to be success because it provides rich information about the prospective customers and the competition in general. Market study provides important data that will help in solving marketing challenges that a business may encounter in the near future, without market study, it is impossible to develop strategies such as market segmentation and product differentiation. The goal of market aspect is to determine which services to be generated by the project are demanded and to create marketing plans and strategies that will help to ensure that the services to be offered will be accepted by the target customers.