Market and marketing are some of the key success factors of any business activity. Without the existence of a market, other factors like production, personnel, finance and so on have little or no significance. Thus, market and marketing analysis are important aspects of a feasibility study as they reveal the marketing prospect for the product or service which have a direct bearing on sales revenue and profitability of the proposed industry. Experience have shown that many projects have had to be abandoned on account of insufficient market prospects.
When designing an industrial project, the promoters must explain the social and economic environment and its likely impact on the proposed business. This should be within the context of a SWOT (strength, Weakness, Opportunities and Threat) analysis which may impact positively or negatively on the proposed business. This was explained by Onoja (2000) as a management tool generally used to assess a proposal in terms of its internal and external factors, controllable and uncontrollable variables, desirable and undesirable issues and so on. It was further suggested that while planning a business, the promoters should make a SWOT analysis of the proposal and incorporate the implication in the feasibility study.
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