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In his analysis, Abrahams & Kleiner (2003, p. 69) established that A feasibility study involves the evaluation and analysis of a proposed business or business idea in order to establish support for decision making. It requires thorough investigation and detailed research for informational accuracy, and it can be classified as an extensive SWOT analysis on the proposed business. In this case, the feasibility studies undertaken include technical, economic, operational, schedule and marketing.
1. Technical Feasibility
The technical aspect of this project involves the required hardware and software that is needed to complete it. Also, it involves the availability of the human resources that are necessary to carry out the set tasks. Easy Solution as a project is set to involve professional product developers, at a cost. The management team is otherwise very capable of handling any other required activities as the project grows. In this sense, the project or rather LabMinds has the technological capacity to carry out the Easy Solution project. All the necessary procedures are conducive to the project in that they allow the management team to have the products made while they concentrate on registering the patents and marketing the products both locally and internationally.
2. Economic Feasibility
The economic situation of the enterprise may pose a challenge considering that the expenditures run up to about 400,000 Euros in the first year. However, the team has a fundraising plan in motion and this may work to their benefit. Once the initial investors as well as the team members submit their investments the project will be well on its way to completion. More so, the expected profit margins are quite attractive given that they expect to make a profit of about 216,000 Euros from the sale of 350 units in their second year of operation. It is impressive and very promising, making the project economically feasible since the cost is justified by the benefits in this case (Cooper & Schindler, 2010).
3. Operational Feasibility
The Easy Solution project involves saving time used by students to prepare buffer solutions for their laboratory exercises. It means that it is offering a solution to students and professors who would like to spend their time more constructively and not in this repetitive procedure that is often of no importance to the experiments (Blocher, et el. 2012). The project thus saves students and professors from the hustles of making the buffer solutions by providing them with the machine to make these solutions in just under a minute. In this sense, the existing problem is solved by this operation. Also, the project is based on the fact that there are a number of schools and colleges that would be interested in saving time spent making buffer solutions as well. In addition, individual scientists in private and commercial laboratories are yet another opportunity for Easy Solution.
Another consideration for this projects operational feasibility is the proposed products nature. For the Easy Solution, the design is set to make the machines easy to use, easy to clean and maintain, very reliable if used in the right conditions and fed with the right commands, sustainable and quite affordable as well. It will go for about 11,000 Euros for a unit, which is a relatively cheap rate for a scientific machine of its calibre.
Generally, the Easy Solution project is operationally feasible as it is able to solve the problem for which it is created to solve and it is also practical to the consumers with regards to its ease of use, affordability, reliability and sustainability among other great qualities (Longenecker 2012).
4. Marketing Feasibility
The projects marketing feasibility entails things like the target market, the expectations and needs of the potential customers, and the teams ability to generate enough market awareness for the product (Keller 1998). Easy Solution is a very important tool for the science students who spend a significant amount of their schooling time in the laboratory and have to make buffer solutions for all their practical sessions. In this sense, the need for the product is there, and it will also be useful for private and commercial scientists outside the school settings. The project is set to meet the customers needs and expectations by being able to make the perfect buffer solutions based on the instructions and conditions applied. Also, the products will be relatively affordable so that they can be easily acquired by various laboratories in the country and beyond its borders.
The project primarily targets learning institutions that teach science subjects especially at the college level and above. However, private scientists are also expected to be drawn in to the market along with the commercial scientists. It is a practical market segment that is likely to suffice in enabling the project to be sustainable.
With regards to the projects ability to generate extensive market awareness, the team intends to use sales representatives and possibly a number of advertising options, such as print media for the science journals and other venues like conferences, symposia and conventions where scientists are expected to converge (Henry 2008). It will generate enough market awareness to push information on the product out to the desired audience. The projects market feasibility is thus intact in the sense that the target market is existent and healthy, and the management team is ready with a plan to make the product known in the market.
5. Schedule Feasibility
The team is set to start selling the products in the second year of its operations. It means that the first year is for raising necessary funds, generating enough support for the project and laying the ground work before production actually begins and the products are let out into the market. It implies that the team has one year to get everything set before the project is complete, and thus its schedule is feasible. A year should be enough to set everything straight with regards to the necessary paperwork and contracts.
Feasibility Factors vs. Business Life Cycle
A products business life cycle has five main stages that include development, introduction, growth, maturity and decline (Havard 2013). These stages generally apply to all products and often, businesses need to come up with new products or improve the existing ones before they reach the decline stage. For Easy Solution, it may need new innovation as well as entrance into new markets to keep the business operational.
Feasibility factors show the projects chances of success in completion as well as in operation. It means that the projects feasibility factors are simply indicators that need to be observed in order to determine if the project can fail or succeed. These can be considered as the tell tale signs of the projects performance (Keller 1998).
Considering the stages of the products life cycle, the projects technical feasibility factors will help during product development where the management team is set to enlist the services of DC Allen and Design Technologies International Ltd. For the introduction phase, the team is set to hire a team of sales and marketing personnel who will traverse the markets on their behalf. The growth and maturity phases will largely be steered by the marketing and customer engagement efforts to ensure consumers loyalty and satisfaction. Once all these have come to pass, the team will have to go back to the drawing board and create new products or improve the Easy Solution based on the feedbacks left by the clients.