Italian Market Feasibility Study
Italian market feasibility studies always analyze whether a real demand exists for a product or a service
An Italian market feasibility study is a controlled process that identifies problems and opportunities, and therefore determines objectives, describing current situations and successful outcomes. It also assesses the range of costs and benefits associated with several alternatives to solve a problem. In other words, it is the initial justification needed to determine or discover if a project is “do-able”.
So, once the client contacts binko to sell a product in Italy, I always suggest conducting an initial Italian market feasibility study to determine whether or not it is profitable to export that product to Italy. This process involves detailed domestic market research in order to investigate similar products, pricing and market shares, as well as any barriers which may exist.
During the evaluation process we learn whether the market is already over-saturated with stronger competitors or the product can be easily introduced. Company leaders can also discover any potential legal roadblocks involving trademarks, patents, or other intellectual property rights.
An Italian Market Feasibility Study should answer to this 5 questions:
1. Will the business work or not?
2. Is it profitable or not?
3. What will it cost to fund or start?
4. Is it worth doing?
5. Is it worth commissioning a business plan and a marketing plan?
Advantages of an Italian market feasibility study
- Structured approaches to export project
- Determine whether there is a market for your idea
- Whether the idea is financially viable, and ultimately, whether or not it is worth investing your time and money
- Overall demand for new products, services, or ideas
- Characteristics of likely customers
- Characteristics of likely competitors