Marketing Aspect Of A Feasib - Study 58u3b

SIMPLIFIED FEASIBILITY STUDY OF AN ING FIRM

Feasibility Study -an analysis of how successfully a project can be completed, ing for factors that affect it such as economic, technological, legal and scheduling factors. Project managers use feasibility studies to determine potential positive and negative outcomes of a project before investing a considerable amount of time and money into it. A good Feasibility Study helps to objectively decide whether to proceed with a proposed project.  

Components of a Feasibility Study

I. Description This study aims to assess how successful/feasible, an ing firm will be. This small firm will be managed by 3 partners.(General Professional Partnership)

II. Marketing Aspect a.)Product Description This firm will be expected to provide services on: * External Auditing-centers on critical examination of financial statements by an independent A to express an opinion regarding the fairness of the contents of the financial statements. * Tax Services- deals with ant’s preparation of the clients’ income tax returns, business and transfer taxes. * Managerial Advisory Services- provides technical assistance to the management. By providing industrial advice regarding ing,finance, budgeting, business policies,product costs and other business activities. * Other Services such as Compilation Services

b.)Industry Profile The face of ing has changed. Its role in business, particularly big business, is much more complex. ing has now become a basis for corporate behavior, decision-making, and ethics, and the skills demanded of ants are much broader as a result. The reconstruction after the war, rapid growth of business and economy, technological changes, emergence of new developing economies, and expansion of finance, commerce and industry across different countries are some of the factors that created favorable opportunities and demands for the introduction, development and growth of the ing industry. The development of ing firms providing tax services,auditing services and management consulting services in different countries are similar yet different in various aspects. Thus, establishing an ing firm is of good choice for it is of great demand nowadays.

Note: Pls. refer to the photocopy for the number of auditing firms

General Trade Practices of an ing Industry 1. Fees and Other Types of Remunerations: a. Per Diem- per service rendered b. Retainer’s Fee- a fixed fee for the continuity of service c. Per Hour- fixed fee for every hour of service rendered  

2.Marketing Strategies: a. Social Media Marketing b.Sales and Referral Letters

C.) Demand Although theory suggests that companies would rationally select into audit even if it were not a legal requirement, many countries impose mandatory audits. This is arguably due to an audit having elements of a public good, which may result in not enough audits being purchased without regulatory intervention. According to a study, privately held businesses shares 65% of the total number of ing clients. The study also says that, “A large percentage of privately held companies are family businesses that have a diverse array of needs and wants. There is no question that these companies and their owners are excellent clients willing to fairly pay for state-of-theart tax and advisory services.”

d.)Supply/Competitors Looking back at the list presented a while ago, if we are to put up our business in the form of an ing firm here in CAR, there will be few existing competitors(accredited ing FIRMS). However, in of auditing assistants,individual auditors, there are countable consultants in CAR.

e.)Marketing Strategies/Plans 5 P’s of Marketing Mix 1. Product-what should be done to the product so that it will be more attractive? Answer: N/A 2. Promotion-what promotional activity should be done in order to compete with the promotions of others? Answers: Mission and Statement Brand Informal Marketing Opportunities

3.Pricing- what pricing method will increase the selling value of the products? Answer:As we are yet on the starting stage, the best pricing method is the per diem basis. 4.Place/Channel of Distribution- This will describe how one will reach his customers. Answer: The proposed business is expected to be established at Baguio City where most industries and markets are located. 5.People- this refers to the salesmen who will be selling and promoting the products. Do they know the product?Are they committed to the company? Answer: Considering the ways of marketing presented above, the partners themselves will play a big role in marketing through social media marketing and informal marketing methods. For other ways of marketing, the firm may hire undergraduate students which will help them dessiminate pamphlets and flyers.

SOURCES/REFERENCES: * Read more: Feasibility Study Definition | Investopedia  http://www.investopedia.com//f/feasibil ity-study.asp#ixzz4XNBFtBGg   Follow us: Investopedia on Facebook * http://www.projectmanagementdocs.com/pr oject-initiation-templates/feasibilitystudy.html#axzz4XNA3yB38 * http://www.slideshare.net/wualankcloy/feasib ility-study-marketing-technical-and-manageme nt-aspect * https://www.wetfeet.com/articles/industry-ov erview-ing * http://www.sec.gov.ph/wp-content/s/ 2015/10/2017OGA_Firm_Grp_D_01.pdf