Business Feasibility Report vs. Marketing Report
If you are planning to start a new business or launch a new product or service, you may need to conduct some research to assess the feasibility and viability of your idea. There are two types of reports that can help you with this: a business feasibility report and a marketing report. In this article, we will explain the difference between these two reports, their purpose, structure, and content.
What is a business feasibility report?
A business feasibility report is a document that evaluates the feasibility of a business idea or project from different perspectives, such as technical, financial, market, operational, and organizational. A business feasibility report aims to answer the question: “Is this business idea or project feasible and worth pursuing?”
A business feasibility report typically includes the following sections:
– Executive summary: A brief overview of the business idea or project, the main findings and recommendations of the report.
– Introduction: A detailed description of the business idea or project, its objectives, scope, assumptions, and limitations.
– Technical feasibility: An analysis of the technical aspects of the business idea or project, such as the required equipment, materials, skills, processes, standards, regulations, etc.
– Financial feasibility: An analysis of the financial aspects of the business idea or project, such as the estimated costs, revenues, cash flow, break-even point, return on investment, etc.
– Market feasibility: An analysis of the market aspects of the business idea or project, such as the target market, customer needs and preferences, competitors, market size and growth potential, pricing strategy, distribution channels, etc.
– Operational feasibility: An analysis of the operational aspects of the business idea or project, such as the required human resources, facilities, logistics, quality control, risk management, etc.
– Organizational feasibility: An analysis of the organizational aspects of the business idea or project, such as the legal structure, ownership, management team, organizational culture, etc.
– Conclusion and recommendation: A summary of the main findings and conclusions of the report, and a recommendation on whether to proceed with the business idea or project or not.
What is a marketing report?
A marketing report is a document that provides information on the performance and effectiveness of a marketing strategy or campaign. A marketing report aims to answer the question: “How well is this marketing strategy or campaign working?”
A marketing report typically includes the following sections:
– Executive summary: A brief overview of the marketing strategy or campaign, its objectives, results, and key insights.
– Introduction: A detailed description of the marketing strategy or campaign, its purpose, scope, target audience, budget, timeline, etc.
– Marketing research: A presentation of the data and analysis collected from various sources (such as surveys, interviews,
focus groups) to understand the market situation and customer behavior.
– Marketing mix: A description of the four elements of the marketing mix (product/service,
price,
place/distribution,
promotion) and how they are implemented in the marketing strategy or campaign.
– Marketing performance: An evaluation of the outcomes and impacts of the marketing strategy or campaign using various metrics (such as sales volume,
market share,
customer satisfaction,
brand awareness,
etc.)
– Conclusion and recommendation: A summary of the main findings and insights from the report and a recommendation on how to improve or modify
the marketing strategy or campaign.
How are they different?
A business feasibility report and a marketing report are different in several ways:
– Purpose: A business feasibility report assesses
the feasibility
of a business idea or project before it is implemented,
whereas a marketing report measures
the performance
of a marketing strategy or campaign after it is implemented.
– Focus: A business feasibility report focuses on one aspect
of a business idea or project,
such as market analysis,
technical feasibility,
financial feasibility,
or organizational feasibility,
whereas a marketing report covers
a broader range
of topics,
such as market research,
marketing strategy,
operations plan,
financial projections,
and management structure.
– Audience: A business feasibility report is usually intended for internal use by
the entrepreneur
or
the management team
who are making
the decision
on whether to pursue
the business idea or project
or not,
whereas a marketing report is usually intended for external use by
the investors
or
the stakeholders
who are interested in
the results
and
the impacts
of
the marketing strategy or campaign.
References:
The Balance. (2022). What Is a Marketing Feasibility Study? Retrieved from https://www.thebalancemoney.com/how-to-write-a-market-feasibility-study-in-4-easy-lessons-3515137
Indeed. (2023). What Is A Feasibility Report? (Definition and Template). Retrieved from https://www.indeed.com/career-advice/career-development/feasibility-report
Profitable Venture. (n.d.). Difference Between a Feasibility Study Report and a Business Plan. Retrieved from https://www.profitableventure.com/feasibility-study-business-plan/
Feasibility Pro. (n.d.). 10 Feasibility study and business plan differences you should know. Retrieved from https://www.feasibility.pro/feasibility-study-and-business-plan/
