In the feasibility study step of product development, which aspect is evaluated to understand competition?

In the feasibility study step of product development, understanding competition is crucial for determining how a new product will fare in the marketplace. Researching competitor presence in the marketplace involves analyzing existing players, their product offerings, market share, pricing strategies, and customer feedback. This information helps in identifying potential gaps in the market that the new product could fill, as well as understanding the strengths and weaknesses of competitors.

By closely examining the competitive landscape, businesses can make informed decisions about positioning their products, identifying unique selling propositions, and planning marketing strategies that capitalize on competitors' shortcomings. This evaluation allows for a strategic approach in differentiating the new product and mitigating risks associated with entering a competitive market.

Aspects like forecasting potential market trends, assessing internal capabilities, and reviewing regulatory requirements are important for the overall feasibility study but do not specifically focus on the evaluation of competition in the marketplace. Thus, the emphasis on researching competitors specifically addresses the need to understand the competitive dynamics that will affect the new product's success.