Market Study
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The "Market Study" tool is a guide for evaluating the feasibility of a project (e.g. touring, space rental, merchandising, a social project) and/or the efficiency of an organization.
A market study provides specific information on clients (e.g. presenters, audiences, donors), the competition and the market for a project and/or organization. It involves gathering, sorting and analyzing information. It serves to show stakeholders (funding bodies, donors, partners, etc.) that you have a sound plan. It is also a way to set out your project in business language. On the other hand, this tool does not measure social impact, which is a crucial performance indicator for the cultural community.
This tool is needed primarily when starting up or organizing a project, or when stakeholders (any person or organization with a direct or indirect impact on the organization and/or the project) ask for a market study. That being said, using the tool is an excellent way to understand the potential financial viability of your project and/or organization.