Posted on by Judy

In a recent entrepreneurship class, Steven Milton has been assigned by his professor to conduct a product/service feasibility analysis. He is to propose a product or service that might be useful to students on campus. The analysis should include an assessment of the overall appeal of the product or service being proposed. Steven should include the following questions in his analysis to determine the appeal of his product or service. Does the product/service make sense? Does it solve a problem or fill a gap in the market? Is it suitable to introduce the product/ service right now? Are there any flaws? As a friend to Steven, help him to propose a suitable product/ service to the intended target market and conduct a product/service feasibility analysis based on his proposal.

The product I would suggest is a student card with a QR code on it. The QR code when scanned opens the Resume and provides the basic contact details of the student and the students can use this when they interact with the companies during career fairs. This product makes perfect sense because the students always roam around carrying photocopies of their resumes when they are attending the career fairs. This product will avoid that and gives a very technology feel to it. This can be something new on the campus and the recruiters might be impressed seeing the usage of the technology.
The release of this product will be right during the recruitment season as more and more students will be working on fine-tuning their resumes. We can also monetize this and make a revenue out of it. But for the students, the product should be very feasible and easy to use. The technology part will not take much time to be implemented as it is readily available in the market. The only flaw would be the requirement of smartphones with a display for the end users to access the data. But seeing the current trend in the market this flaw is very negligible and most of the people use good quality smartphones now.
We can price this product at 50 cards for 100$ and 200 cards at 150$ initially. Students will have to buy a minimum of 50 cards and I am sure that they need them if they interact with most of the companies on the campus. The product can be built and provided to the students in 2 days and it required a workforce of 2-3 people. It is easy to use and requires no product training and the end user can scan it using a QR code scanner in any smartphone and in any application. This idea is totally feasible and it is also a very good business opportunity making use of the existing technology in the market.
 
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  1. write A “BRIEF” REPORT ON THE BUSINESS VENTURE YOU CHOSE TO STUDY . QUESTION 1- Product/service feasibility analysis is an assessment of the overall appeal of the product or service being proposed. The two components of product/service feasibility analysis are product desirability and product demand. How would you conduct a product/service feasibility analysis for “your” venture? Be brief. QUESTION 2- Industry/market feasibility analysis is an assessment of the overall appeal of the market for the product or service being proposed. For feasibility analysis, there are two primary issues that a business should consider in this area: industry attractiveness and target market attractiveness. Given that most start-ups simply don’t have the resources needed to participate in a broad market, how would you conduct a market feasibility analysis for “your” venture? Be brief. QUESTION 3- Organizational feasibility analysis is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business. There are two primary issues to consider in this area: management prowess and resource sufficiency. How would you conduct an organizational feasibility analysis for “your” venture? Be brief.
  2. Write a brief report on the busniess venture you choose.and then answer the following a. Industry/market feasibility analysis is an assessment of the overall appeal of the market for the product or service being proposed. For feasibility analysis, there are two primary issues that a business should consider in this area: industry attractiveness and target market attractiveness. Given that most start-ups simply don’t have the resources needed to participate in a broad market, how would you conduct a market feasibility analysis for “your” venture? Be brief. b. Organizational feasibility analysis is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business. There are two primary issues to consider in this area: management prowess and resource sufficiency. How would you conduct an organizational feasibility analysis for “your” venture? Be brief.
  3. For this class, you will be working with a real company or a fictitious one of your own creation that is in a market domain or segment of an industry with which you are familiar. Examples of industries include transportation, healthcare, manufacturing, or the service industry. For this discussion, propose your market domain and explain the reason you selected this market domain. Describe your research approach and your sources of information. What challenges will there be in researching this market domain? Provide substantive feedback to at least two other students in the class on their market domain selection.
  4. The Global Customer and Buyer (Module 3) What is the customer value and value equation in your proposed market for your proposed product offering? Explain the Diffusion Theory and Adoption process for your product offering within the country. Global Market Segment, Global Targeting and Global Product Positioning (Module 4) Identify the market segmentation method that you will use within your target country; geographic, demographic, psychographic, etc. Identify the criteria for targeting specific customers and explain your target market strategy Define your product positioning within the country and why it will be most effective. Competitive Analysis and Strategy (Module 4) Industry analysis that influences competition in the country – conduct a 5 Forces Analysis Who are the competitors and what are their strengths and weaknesses What is your company/product competitive advantage and strength over these competitors Based on these strength(s), how will you use them as a strategic position in this market?