Write a Feasibility Paper in which you need to address the following:

How Will You Communicate with Your Market? What kind of communication do you want to send about the product? What would be your core message? How do you want the message disseminated? What media will you use? Remember that this should match your target market. If you are selling to baby-boomers, they consume different media than millennials. If you are using social media remember that advertising on there is not free. Be sure to see how much ads cost on Facebook and Google. Look at how much social influencers would charge you to promote your product. Be sure to think about what kind of media you are going to need and what you want to do for your product.

For example, advertising and publicity (including social influencers) are great at getting brand awareness for your product, but a direct marketing effort of a discount or special offer may be more effective at getting trial of your product Is it Feasible? All the work to this point is to determine if the project seems feasible. In other words, does it look like there is a market willing to purchase your product at a price high enough that it will cover all of the expenses and provide an acceptable return on the investment of time and money? It is perfectly acceptable to decide that the project is not feasible. If it is not feasible, why? What changes could be made to make it potentially a successful business? Is the price you selected too low? Is the market too small? Is the capital requirement too large for the return it would generate? What do you feel is hampering it from being potentially feasible?

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