The Feasibility/Desirability/Viability framework helps organizations assess whether a product or service is technically feasible, desired by the market, and financially viable. It is used to ensure that new initiatives align with both market demands and organizational capabilities, reducing risks and focusing resources effectively. This framework is particularly beneficial in the early stages of product development, providing a holistic view of potential challenges and opportunities.
Assess Feasibility: Evaluate the technical and logistical feasibility of the idea. | Evaluate Desirability: Determine if there is a real demand for the product or service in the target market. | Determine Viability: Analyze the financial viability, including potential profitability and sustainability of the business model.
Conduct thorough market research | Engage stakeholders from multiple disciplines | Regularly review and update assessments as project conditions change
Provides a comprehensive evaluation of new initiatives | Helps minimize risk by addressing critical dimensions early | Supports strategic alignment with business goals
Can be time-consuming | May require substantial data and market research | Potentially overlooks external factors such as competition and regulation
Before launching a new product | When considering a significant pivot in business strategy
For minor product adjustments | When quick decisions are necessary without comprehensive analysis