Product study: how to conduct Product feasibility analysis

Product study

Product study is an in-depth study of a product feasibility and potential, by individually studying its components, compositions, and nature.  It is analysis, wherein, one tries to come up with USP, or money-minting feature that can compel a customer to buy a product.

Like USP of TATA industry is its goodwill itself; people deal, buy and invest in TATA corporation because of  its reliability and trust it has built over time. Fashion brand like Zara mint money on its limitless design feature, ones you enter a store you will end up in endless loop of browsing cloths.

I know such USP development takes years and come to picture after years of  added efforts. Before,  we started on product study, and find out how we conduct a product feasibility analysis. You need to learn, how this learning this will help you.

Significance of Product study:

 Product study provides a targeted approach towards marketing. It is helps in brainstorming a marketing plan, by helping marketing analyst learn product USP, which further help to initiate the process. 

A USP of the product is a pivotal point of market selection and segmentation. It helps in deciding the target market, and generate potential customer faster by eliminating the non-potential customers faster; moreover, easily generating numerous brand loyal customer.

A business analyst conducts a feasibility analysis to test the viability of venture. Product feasibility studies is market analysis conducted to test if the product will be able to survive in the market or not.

How to do feasibility studies?

Product focused strategy

Stand out from the crowd

Price-focused

Cross-selling product

Best distribution strategy

Product promotion

Creating tagline for the product to attract buyer, creating jingles to advertise in the radios and form an ad script for the product, executing ads and all other scripts through broadcasting is product promotion. 

Moreover, promotion through door to door promotion, reselling and promoting in seminars or use of word of mouth promotion is one another way of product promotion. 

Branding 

Branding is creating a brand value by creating customer loyalty.  In above example students will be brand loyal customer till their completion of their education and may be even after completion of their education.

Product Study:-

Before we begin sales, we need an understanding of what your product composition and application.

Product composition is  the element your product comprises of, e.g., that chemical in the cosmetic product.  Product application is unique selling point of the product composition. 

The recognition of product feature form base of route plan; feature become both main and sideline idea of route planning.

e.g. 

a software product has good speed, excellent interface, beautiful designing and user-friendly. l Understanding, how these features impact a software user will form base of the plan. 

 Understanding USP of product:-

After we have found the most impactful feature of the product, we reach to product USP. 

for example, in above stated example, USP can be user-friendliness, because most of software and apps are complex to interact.