Description: Market viability refers to the ability of a product or service to succeed in a given market. This concept involves a thorough analysis of various factors that can influence the acceptance and demand for the product, such as competition, consumer trends, the economic environment, and the characteristics of the product itself. Market viability not only focuses on the potential to generate revenue but also on the long-term sustainability of the product in the market. To assess viability, market studies are often conducted, including surveys, demographic data analysis, and trend studies. A product with high market viability has the potential to meet consumer needs, adapt to market changes, and differentiate itself from the competition. In an increasingly competitive business environment, understanding market viability has become crucial for startups and established companies, as it allows them to make informed decisions about launching new products or services and allocating resources.
