Business Feasibility Study

[Name of the institute]

Introduction3

Analysis3

Executive Summary3

Business idea - Product analysis4

Industry analysis5

Target Market analysis6

Competition analysis7

Economic viability8

Operational viability9

Technology analysis10

Critical success factors10

Conclusion10

Business Feasibility Study

Introduction

The feasibility study of an entrepreneurial idea is important to evaluate the viability. It is an analysis of the complete project done before the starting and to know whether this new venture will succeed or not. The feasibility study undertakes the major internal and external variables of the business. It analyzes the cost and the capital requirement for the business.

The outcomes of feasibility study are used in the decision making to further proceed with the business or not. The feasibility study examines the strategic issues and the demands of the market. It analyses the industry and defines the target market. Further, the management analysis for the business is also done (Overton, 2007, p.4).

Analysis

Executive Summary

This entrepreneurial venture is based on the idea of new product which can be sold or licensed to different business for further production and sales. Self tracking car system is a start up business in the emerging field of personal car tracking system. In this business the self tracking system for cars will be developed by assembling the components such as GPS, GSM module, a software and hardware. The product is based on the latest GPS technology on which further studies are being held (Bertangna, 2010).

This device targets those individuals who want to prevent their car from theft in a low cost and superior value product. This product offers the customers to access all the information about the car's real time tracking of location, speed, direction and many other details. The economic viability of the car is high as it is a low capital intensive business and requires more research and development skills. The industry is still in the progressive stage and has potential for further exploration (Bertangna, 2010).

Business idea - Product analysis

The business idea for the product development is a self tracking car device which a customer can operate itself and third party services is involved once the customer purchases this product. This is a car tracking device which fits into the car and captures the real time data such as location, speed, engine temperature, fuel amount, battery status and the GSM area code. This information is sent to the servers which are installed in the office and at the same time the customer receives the data on their tablet PCs, smart phones, Google devices, android devices which have the application of global positioning system installed. The data customer receives is available for one week and then it is deleted. The data is stored on the servers at office for life time and the facility of data retrieval is given to customers, through which they can monthly or yearly access data upon some amount of fees charged (Bertangna, 2010).

The point of differentiation and the competitive product advantage is based on the ease of user interface and self tracking system, enabling the user to handle all their tracking themselves and empowering them with the real time data ...