The purpose of a market feasibility study is to get an in-depth read on a market and its ability to support new product or re-shape existing product.  It can also be used to guide broad master-planning processes. 

The scope and depth of the research depends on specific client/project needs but can range from an analysis of need for one specific product (e.g. “Assisted Living”) to a much broader scope that may include multiple-levels of care. 

Analyses are customized to each client/project as are the outcomes and recommendations of each study in order to meet client needs and propose as specific development recommendations as the data will allow.  These can include, but not be limited to residence mix, type, size, and pricing, as well as recommendations for amenities and services.

Turnaround time for a Market Feasibility Study is typically eight to ten weeks.

A competitive pricing analysis assists a community in understanding its offerings and its performance within the context of its current competitive environment. 

Comprehensive profiles of primary competitors are developed with information typically including the number and mix of residences, residence size, services and amenities, but with pricing as the primary focus of the analysis, including an understanding of the relationship between price and residence size.

The resulting analysis will assist the client in understanding how its offerings qualitatively and statistically compare to its primary competitors and from the viewpoint of the consumer.  It will also identify if any adjustments to pricing are warranted or necessary. 

Turnaround for a Competitive Pricing Analysis varies depending upon the number of primary competitors and the complexity (primarily regarding contract offerings) of the local market; however reports are typically delivered within four to six weeks.

Market surveys are typically utilized either for the purposes of product shaping/testing or lead generation, or a combination of the two. They can also be administered to a wide variety of audiences including, but not limited to age- and income-qualified prospects, leads, wait list members, depositors, lost leads, and residents.

Depending upon budget and target-audience, surveys can be mailed, emailed, or linked to a website. Regardless of methodology and audience, Novak Consulting customizes each survey to the specific needs of the client/project and reports results compared against national survey benchmarks.

Turnaround time for a Market Survey is typically between eight and twelve weeks; however, the type and size of the mailing greatly impacts the time to completion, which could end up being significantly shorter.