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A Feasibility
Study is an
initial study undertaken to determine and
verify a project's viability. The results
of this study are used to make a decision
on how to proceed with the project.
On the basis of the above Study BizWizards
also performs an analysis of possible alternative
solutions to any problems that might come in
way and a recommendation on the best alternative
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A
Feasibility Study Should Examine: |
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- Legal
issues
- Technical
and organizational requirements
- Financial
issues
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With
in a Feasibility Study, the Following Areas
Must
be Reviewed: |
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Economic
Feasibility – Establishing
the cost-effectiveness of the proposed system.
Legal Feasibility – Determines whether
the proposed system conflicts with legal requirements.
Operational Feasibility – Do the current work practices
and procedures support a new system.
Schedule Feasibility – Looks
at how long the system will take to develop.
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Market
Research |
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Market
Research is the
process where systematic gathering, recording
and analyzing of data and information about
customers, competitors and the market is
done.
Its uses include helping create a business plan,
launch a new product or service, fine tune existing
products and services, and expand into new markets.
Market research is used to determine which portion
of the population will purchase a product/service,
based on variables like age, gender, location
and income level.
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Market
Research for Business Planning |
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Market
research is for discovering what people
want, need, or believe. It
also involves discovering how they act.
Once that research is complete it is
used to determine how to market a specific
product. |
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For
starting up a business there are a few things
that are required: |
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- Market
information
- Market
segmentation
- Market
trends
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But
besides information about the target market
you also need information about your competitor,
your customers, products etc. A few techniques
are adopted by us, to collect such information
are:
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Competitor Analysis |
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Competitor Analysis in
marketing and strategic management is an assessment
of
the strengths and weaknesses of current and
potential competitors. |
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Competitor
Profiling |
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Another
common technique is to create detailed profiles
on each of your major competitors.
These profiles give an in-depth description
of the competitor's background, finances, products,
markets, facilities, personnel, and strategies. |
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Media
Scanning |
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Scanning competitor's ads can reveal much about
what that competitor believes about marketing
and their target market. Changes in a competitor's
advertising message can reveal new product
offerings, new production processes, a new
branding strategy, a new positioning strategy,
a new segmentation strategy, etc.
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New
Competitors |
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In addition to analyzing current competitors,
it is necessary to estimate future competitive
threats as well. |
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Risk
Analysis |
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Risk
Assessment: |
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Involves
identifying sources of potential harm, assessing
the likelihood that harm will occur and the
consequences if harm does occur. |
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Risk
Management: |
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Risk
management is the human activity which integrates
recognition of risk, risk assessment, developing
strategies to manage it, and mitigation of
risk using managerial resources.
Our strategies for managing Risk include transferring
the risk to another party, avoiding the risk,
reducing the negative effect of the risk, and
accepting some or all of the consequences of
a particular risk.
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Risk
Communication: |
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Involves an interactive dialogue between stakeholders
and risk assessors and risk managers which
actively informs the other processes. |
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Budget |
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Budget generally refers to a list of all planned expenses
and revenues. In other terms, a budget is an
organizational plan stated in monetary terms.
We use our resources to work out the most effective
Corporate and Business Start up Budget for
the company, ensuring smooth financial management.
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Strategic
Management |
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Strategic
Management is the art and science of formulating, implementing
and evaluating cross-functional decisions
that will enable an organization to achieve
its objectives. BizWizards formulates a complete
strategy, after taking in consideration all
the inputs from the company, so that the
future processes can be executed without
any or much teething tribulations.
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Cost-Benefit
Analysis |
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Cost-benefit
analysis refers both to: |
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A
formal discipline used to help appraise, or
assess, the
case for a project or proposal, which
itself is a process known as project
appraisal.
- An
informal approach to making decisions of
any kind.
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Under both definitions our process involves,
whether explicitly or implicitly, weighing
the total expected costs against the total
expected benefits of one or more actions in
order to choose the best or most profitable
option. |
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