Commercial Practices

Question 1

What does a feasibility study usually consist of?

Answer 1

Design Brief
Specification
Focus groups
Questionnaires
Prototypes
Market research

Question 2

What is a feasibility study?

Answer 2

A study that helps formulate critical considerations for a new product and set out guidelines for the design and development.

It usually includes design briefs, specifications and prototyping.

In the end, the feasibility study will test whether the product is commercially viable

Question 3

What are the 4 main considerations in a feasibility study and

Answer 3

• Technical Feasibility: What are the launch implications?
  Can it be protected from the competition?
  Strengths and benefits to the user
  Resources needed to manufacture
• Market Feasibility:
  Is there a place in the market?
  Who is the target market and their patterns/ habits?
  Is the market ready for a new product?
• Commercial Feasibility:
  Looks at the commercial success of the product and the volume of potential sales and profit.
• Risk:
  Identify risks with the launch of a new product to allow manufacturers to prepare in advances to reduce these risks

Question 4

What is a circular economy?

Answer 4

When a product is designed in a way that minimizes wastage and aims to increase life span and recyclability as much as possible

Question 5

What are ways in which designers achieve circular economy?

Answer 5

Modularity and reparability
Material Selection and Recyclability
Product as a service
Durable designs