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What are the key criteria to include in a feasibility matrix for your industry?

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A feasibility matrix is a tool that helps you evaluate the viability of your project or idea based on multiple criteria. It can help you compare different options, identify potential risks and benefits, and prioritize your actions. But how do you choose the right criteria for your industry and context? In this article, we will explore some of the key factors to consider when creating a feasibility matrix for your industry.

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Lo?c Gogue

Global Tourism Expert & Public Speaker | Helping Governments & Businesses Maximize Tourism & Sustainability RoI |…
Pia Kiviranta

Br?nd??v? Kehitysinsin??ri | Br?nditietoisuus & Relevantti N?kyvyys | Toimivampaa Viestint??, Tunnetumpia Br?ndej? ja…
Glenn G2 Gregory

Director

1 Market demand

One of the first criteria to include in your feasibility matrix is the market demand for your product or service. You need to assess the size, growth, and trends of your target market, as well as the needs, preferences, and expectations of your customers. You also need to analyze the competitive landscape and identify your unique value proposition. Market demand can help you determine the potential revenue and profitability of your project, as well as the risks and opportunities in your niche.

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Pia Kiviranta

Br?nd??v? Kehitysinsin??ri | Br?nditietoisuus & Relevantti N?kyvyys | Toimivampaa Viestint??, Tunnetumpia Br?ndej? ja Parempia Tuotteita | Modernia Sosiaalisen Median Markkinointia | "Taviksesta Somesta Tunnetuksi"
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Take also in consideration what is your current position in market and what is the target for new position? Larger, more specialized, change of customer segment targeting?

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Glenn G2 Gregory

Director
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A strategic template breaks core aspects into cells that when brought together creates the body. Mind mapping, brainstorming are similar concepts that allow the capture of key information which when considered and expanded upon provide the necessary macro data to consider before moving projects forward.

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Lo?c Gogue

Global Tourism Expert & Public Speaker | Helping Governments & Businesses Maximize Tourism & Sustainability RoI | Feasibility Studies, Capacity Building & Sustainable Development
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Market demand is a crucial criterion for a feasibility study of a new product or service in hospitality, tourism, and leisure. Sector differences impact market demand: - Hospitality : Focus on customer segments, booking patterns, and price sensitivity. - Tourism : Emphasize destination appeal, seasonality, and visitor demographics. - Leisure : Prioritize trends, activities, and customer preferences. Understanding market demand enables better feasibility studies and more accurate decision-making and strategic planning for hospitality, tourism, and leisure sectors.

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2 Technical feasibility

Another important criterion to include in your feasibility matrix is the technical feasibility of your project. This refers to the availability, suitability, and reliability of the technology, equipment, and resources needed to execute your project. You need to evaluate the technical requirements, specifications, and standards of your product or service, as well as the costs, time, and quality implications of using different technologies. Technical feasibility can help you assess the feasibility and efficiency of your project, as well as the challenges and solutions in your domain.

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Pia Kiviranta

Br?nd??v? Kehitysinsin??ri | Br?nditietoisuus & Relevantti N?kyvyys | Toimivampaa Viestint??, Tunnetumpia Br?ndej? ja Parempia Tuotteita | Modernia Sosiaalisen Median Markkinointia | "Taviksesta Somesta Tunnetuksi"
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Technical feasibility can be considered on two aspects: what are the current technical requirements but also what is needed is current circumstances are not feasible. Investments for updating current into needed level? What would be the Return of Investment?

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Lo?c Gogue

Global Tourism Expert & Public Speaker | Helping Governments & Businesses Maximize Tourism & Sustainability RoI | Feasibility Studies, Capacity Building & Sustainable Development
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Technical feasibility is a key criterion for a feasibility study of a new product or service in Hospitality, Tourism & Leisure. Sector differences impact technical feasibility : - Hospitality : Focus on property management systems, reservation systems, and security systems. - Tourism : Emphasize destination management systems, transportation systems, and safety systems. - Leisure : Prioritize entertainment systems, fitness systems, and recreation systems. Understanding technical feasibility enables better feasibility studies and more accurate decision-making and strategic planning for hospitality, tourism, and leisure sectors.

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3 Operational feasibility

A third criterion to include in your feasibility matrix is the operational feasibility of your project. This refers to the compatibility, adaptability, and sustainability of your project with your existing operations, processes, and systems. You need to consider the impact of your project on your organizational structure, culture, and performance, as well as the skills, training, and support needed for your staff and stakeholders. Operational feasibility can help you evaluate the feasibility and effectiveness of your project, as well as the benefits and risks for your organization.

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Pia Kiviranta

Br?nd??v? Kehitysinsin??ri | Br?nditietoisuus & Relevantti N?kyvyys | Toimivampaa Viestint??, Tunnetumpia Br?ndej? ja Parempia Tuotteita | Modernia Sosiaalisen Median Markkinointia | "Taviksesta Somesta Tunnetuksi"
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If operational feasibility needs upgrading, what would be costs for this, both in the beginning but also for maintaining the acceptable level.

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Lo?c Gogue

Global Tourism Expert & Public Speaker | Helping Governments & Businesses Maximize Tourism & Sustainability RoI | Feasibility Studies, Capacity Building & Sustainable Development
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Operational Feasibility is a key criterion for a feasibility study of a new product or service in hospitality, tourism, and leisure. Sector differences impact operational feasibility : - Hospitality : Focus on staffing, training, and service delivery - Tourism : Emphasize destination management, transportation, and safety - Leisure : Prioritize entertainment, recreation, and customer engagement Understanding operational feasibility enables better feasibility studies and more accurate decision-making and strategic planning for hospitality, tourism, and leisure sectors.

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4 Legal feasibility

A fourth criterion to include in your feasibility matrix is the legal feasibility of your project. This refers to the compliance, alignment, and protection of your project with the relevant laws, regulations, and policies in your industry and location. You need to identify the legal requirements, obligations, and rights of your project, as well as the costs, time, and consequences of meeting or violating them. Legal feasibility can help you assess the feasibility and legitimacy of your project, as well as the liabilities and safeguards for your business.

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Lo?c Gogue

Global Tourism Expert & Public Speaker | Helping Governments & Businesses Maximize Tourism & Sustainability RoI | Feasibility Studies, Capacity Building & Sustainable Development
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Legal Feasibility is a key criterion for a feasibility study of a new product or service in hospitality, tourism, and leisure. Sector differences impact legal feasibility : - Hospitality : Focus on licensing, permitting, and liability. - Tourism : Emphasize safety, security, and liability. - Leisure : Prioritize intellectual property, contracts, and liability. Understanding legal feasibility enables better feasibility studies and more accurate decision-making and strategic planning for hospitality, tourism, and leisure sectors.

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5 Social feasibility

A fifth criterion to include in your feasibility matrix is the social feasibility of your project. This refers to the acceptance, support, and impact of your project on the society, environment, and community in which you operate. You need to measure the social value, responsibility, and ethics of your project, as well as the feedback, involvement, and influence of your customers, partners, and competitors. Social feasibility can help you assess the feasibility and desirability of your project, as well as the opportunities and threats for your reputation.

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Lo?c Gogue

Global Tourism Expert & Public Speaker | Helping Governments & Businesses Maximize Tourism & Sustainability RoI | Feasibility Studies, Capacity Building & Sustainable Development
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Social Feasibility is a key criterion for a feasibility study of a new product or service in hospitality, tourism, and leisure. Sector differences impact social feasibility : - Hospitality : Focus on customer satisfaction, loyalty, and feedback. - Tourism : Emphasize destination reputation, sustainability, and responsibility. - Leisure : Prioritize customer experience, engagement, and innovation. Understanding social feasibility enables better feasibility studies and more accurate decision-making and strategic planning for hospitality, tourism, and leisure sectors.

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6 Financial feasibility

A sixth criterion to include in your feasibility matrix is the financial feasibility of your project. This refers to the viability, affordability, and return of your project based on your financial resources, assumptions, and projections. You need to calculate the costs, revenues, and profits of your project, as well as the break-even point, payback period, and return on investment. You also need to consider the sources, availability, and terms of funding for your project. Financial feasibility can help you assess the feasibility and attractiveness of your project, as well as the trade-offs and alternatives for your budget.

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Lo?c Gogue

Global Tourism Expert & Public Speaker | Helping Governments & Businesses Maximize Tourism & Sustainability RoI | Feasibility Studies, Capacity Building & Sustainable Development
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Financial Feasibility is a crucial criterion for a feasibility study of a new product or service in hospitality, tourism, and leisure. Sector differences impact financial feasibility : - Hospitality : Focus on room rates, occupancy rates, and food and beverage revenue. - Tourism : Emphasize ticket sales, tour packages, and accommodation revenue. - Leisure : Prioritize membership fees, ticket sales, and activity revenue. Understanding Financial Feasibility enables better feasibility studies and more accurate decision-making and strategic planning for hospitality, tourism, and leisure sectors.

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Pia Kiviranta

Br?nd??v? Kehitysinsin??ri | Br?nditietoisuus & Relevantti N?kyvyys | Toimivampaa Viestint??, Tunnetumpia Br?ndej? ja Parempia Tuotteita | Modernia Sosiaalisen Median Markkinointia | "Taviksesta Somesta Tunnetuksi"
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Financial feasibility should combine all the financial aspects (investments etc.) on other other feasibility areas to one complete result. This one is one the most important ones as money rules the world and decisions are made based on how much profit there would be on doing anything.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Muhammad Zeeshan

Deputy Manager Finance | Ibrahim Fibres Limited
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A few years ago, our company considered launching a new textile manufacturing plant. To ensure its feasibility, we conducted a thorough study. Technically, we evaluated our team's expertise and the necessary manufacturing technology and resources. Market research revealed a growing demand for sustainable textiles, confirming market feasibility. Economically, we projected costs, revenue, and profitability, ensuring the plant would be financially viable. Legally, we reviewed compliance with environmental and labor regulations, and operationally, we assessed our capacity to support the new plant. This experience reinforced the importance of a comprehensive feasibility study in making informed decisions and adapting strategies for success.

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What are the key criteria to include in a feasibility matrix for your industry?

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1 Market demand

2 Technical feasibility

3 Operational feasibility

4 Legal feasibility

5 Social feasibility

6 Financial feasibility

7 Here’s what else to consider

Feasibility Studies

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