Title: How to Determine Market Viability for a Product or Service | Bizfluent
Headings: How to Determine Market Viability for a Product or Service
How to Determine Market Viability for a Product or Service
Perform Market Research
Analyze the Industry
Analyze Competitors
Conduct a SWOT Analysis

Content: How to Determine Market Viability for a Product or Service | Bizfluent
How to Determine Market Viability for a Product or Service
Andrew Burton/Getty Images News/Getty Images
By: Neil Kokemuller
Updated September 26, 2017
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Product due diligence is the approach used to evaluate the viability of a given product or service. Common tactics include target market research, industry analysis and competitor analysis. It is also important to assess your internal competencies, along with potential threats, before developing a solution. Perform Market Research
Market research is an evaluation of the potential size and characteristics of consumers or companies that might buy your product. The size of the market is the total number of potential customers under-served or not served at all by existing solutions. Identifying the characteristics and buying habits of target markets helps paint the picture of the potential benefits buyers seek. By combining the size of the market with estimates for your reach and frequency of purchases, you can develop a revenue forecast. Projecting revenue allows you to decide whether you will make enough to cover costs and earn a profit. Analyze the Industry
An industry analysis is a review of the current scope of an industry and the types of goods being offered.