Market Feasibility Analysis for Drone Advertising Expansion

Main Objective of the Project The main objective of this project is to determine the feasibility and strategic viability of Flik FX Advertising expanding into either the Las Vegas or Jamaican market for drone-based advertising. Students will conduct comparative research and analysis to identify the market that offers the most favorable conditions for entry, considering factors such as market demand, costs, regulatory challenges, risks, and operational logistics. Tasks and Activities Market Research and Analysis Analyze market demand for drone advertising in both locations, including customer segmentation and spending patterns. Identify key competitors and evaluate their strategies. Research advertising trends and cultural factors influencing consumer behavior in each region. Regulatory and Legal Assessment Study drone operation regulations, licensing, and compliance requirements for each market. Document legal frameworks surrounding advertising and drone technology. Operational and Cost Analysis Calculate labor costs for hiring 10 employees, including salaries, taxes, and benefits. Assess fixed costs such as office space, utilities, and equipment storage. Obtain shipping and logistics quotes for importing 1,200 drones from China to each location. Economic and Risk Analysis Review political and economic stability, tax incentives, and government grants. Identify risks such as legal, economic, environmental, or operational challenges. Develop mitigation strategies for identified risks. Comparison and Decision-Making Compare both markets using measurable criteria such as costs, demand, risks, and scalability potential. Perform a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis for each location. Use a weighted scoring system to rank the feasibility of each market. Stakeholder Feedback Conduct interviews or surveys with local businesses or potential clients to gauge interest in drone advertising. Gather input from industry experts or consultants for insights on each market. Deliverables Market Analysis Report Detailed findings on customer demand, competitor landscape, and advertising trends for each market. Regulatory Compliance Summary Comprehensive documentation of licensing, permits, and advertising standards for drones in Las Vegas and Jamaica. Cost Breakdown Financial analysis of labor, operational, and logistics costs for each location. Risk Assessment Report Identification of key risks and proposed mitigation strategies for both markets. Geographic Comparison Matrix A side-by-side comparison of measurable criteria (e.g., market size, costs, risks, and infrastructure quality) with scoring. Final Recommendation Report A comprehensive report summarizing all findings, supported by data, and a clear recommendation for the preferred market. Presentation A professional presentation summarizing key insights, comparative results, and the final recommendation for Flik FX’s market entry. By completing these tasks and deliverables, students will gain practical skills in market research, data analysis, and strategic decision-making while delivering actionable insights for Flik FX Advertising's expansion strategy.