Which of the following best describes the role of a feasibility study in product development?

The role of a feasibility study in product development is primarily focused on assessing the profitability and workability of an idea. This involves a comprehensive analysis of various factors to determine if the proposed product can be successfully developed and marketed. Key components of a feasibility study include evaluating the technical aspects of the product, financial implications, market potential, and the resources required for development.

By thoroughly investigating these areas, a feasibility study helps to identify potential challenges and opportunities, allowing businesses to make informed decisions about whether to pursue, modify, or abandon the idea. This strategic approach minimizes risks and maximizes the chances of successful product development, ensuring that investments in time and resources are justified.

While examining marketing strategies, analyzing customer satisfaction, and evaluating food safety protocols are important aspects of the product development process, they fall under the broader scope of tasks performed after feasibility is established. The feasibility study primarily sets the groundwork for understanding whether the initial product concept is viable from a business perspective.