Important Aspects of a Marketing Plan - Essay Example

Important applications of a marketing plan include informing the details of the company sales personnel, suppliers, and others so that they become aware of the company’s goals and achievements.

FEASIBILITY STUDY

            A feasibility study is an important phase in the development process. It enables the developer to have an assessment of the product being developed. It refers to the feasibility study of the product in terms of outcomes of the product, operational use, and technical support required for implementing it.

            The feasibility study should be performed based on various criteria and parameters. The various feasibility studies are:

                        Economic Feasibility

                        Operational Feasibility

                        Technical Feasibility

Economic Feasibility: It refers to the benefits or outcomes. We are deriving from the product as compared to the total cost we are spending for developing the product. If the benefits are more or less the same as the older system, then it is not feasible to develop the product.

The development of the new product should greatly enhance the accuracy of the system and cuts short the delay in the processing of the product. The errors can be greatly reduced and at the same time provide a great level of security. Hence, we do not need any additional equipment except the memory of the required capacity.

Operational Feasibility: It refers to the feasibility of the product being operational. Some products may work very well at design and implementation but may fall in the real-time environment. It includes the study of additional human resources required and their technical expertise.

            Technical Feasibility: It refers to whether the product that is available in the market fully supports the present trend. It studies the pros and cons of using a particular product for development and its feasibility. It also studies the additional training that is to be given to the people to make the product work.

            Qualitative and quantitative research is a must in developing an Information system. Qualitative research is more about collecting data, conducting interviews, using documents, and understanding and explaining social phenomena. Quantitative research involves of development of natural sciences to study natural phenomena. Survey methods, formal methods, econometrics, etc., are some examples of quantitative research.