Additional Information Product/Service Feasibility Analysis Paper

Assignment Name: Product/Service Feasibility Analysis Paper Points: 100-points Due Date: October 11, 2006, Wednesday

Purpose The purpose of this assignment and of conducting product/service feasibility analyses is to provide an assessment of the overall appeal of the product or service being proposed. As such, a number of tasks must be completed and research must be conducted.

Include the following in this written assignment:

1. Conduct a concept test:  Write a Concept Statement for your venture (see an example of a concept statement on my website). Describe how you would use the Concept Statement, who you would show it to, and what you would hope to learn.  Show the concept statement to a couple of individuals in the target market and ask for their feedback about the product/service (e.g., what do they think about the product/service). Discuss the feedback you received any discuss any changes in the product/service offerings that need to be made as a consequence of their feedback.  Include a copy of your concept statement in the appendices of your paper.

2. Discuss the marketability of the product/service. Answer the following questions:  How does your product or service: (1) solve a problem, (2) make someone’s life or business more efficient, or (3) make someone’s life or business more effective?  Find this information by conducting research: Specifically, use industry publications, firm publications, and databases like hoovers.com to help gather information. Additionally, interview or survey potential customers and get feedback to find out how the product/service offering addresses these issues associated with marketability. You may be able to gather some of this information during your concept test.

3. Discuss the profile of the firm’s target customer. Answer the following questions as base them on the market research that you have conducted:  Who will MOST LIKELY use your product/services?  More specifically, exactly who will your customers (or target market) be? Do market research to insure you fully understand the demographic and psychographic profile of your target customer.  Find this information by conducting research: Specifically, use industry publications, firm publications, and databases like hoovers.com to help gather information on the target market characteristics of firms offering similar products/services. Construct a survey (e.g., within your team, write some questions and put them in a survey format that the team will then distribute to some number of individuals within the firm’s target market). Alternatively, if the potential target market is not conducive for completing surveys, conduct interviews or focus groups of potential customers and determine their profile.  Include a copy of the survey in the appendices of the paper. Additional Information Product/Service Feasibility Analysis Paper

 Include a discussion/copy of the results of the surveys in the paper.  Discuss whether or not the results of this research meet the team’s initial expectations as to the profile of the target market. If it does not (e.g., this is not the proper target market for the product/service) how would the team 1) alter the product/service to meet the needs of the target market or 2) reconsider the target market for the firm’s offerings.

4. Test the usability of your product/service (e.g., a Usability Test):  A usability test involves creating a prototype of the product/service and then showing it to potential customers (e.g., a beta test). I realize that you may not be able to make a prototype of your offerings. As such, for this portion of the assignment, include the following:  Describe the steps you would use to conduct an actual usability test as well as the likely results of this test were it actually conducted. Describe your prototype, who you would ask to participate in the usability test, and what you would hope to learn.  Discuss how potential customers would use your product or service.  Discuss what features of your product/service would make it easy or difficult to use?  In considering the potential results the usability test, what changes can you anticipate that you must you make to the product/service to increase its usefulness?

5. Intellectual Property:  Discuss whether or not your product/service is protected by intellectual property rights?  Do you have any patents and trademarks? ( www.uspto .gov)

6. First-mover advantages/second-mover advantages:  Do you have a first-mover advantage or a second-mover advantage?  If so, explain what advantage you have and how you have achieved said advantage.  If you don’t have a first- or second-mover advantage, will that hurt you? Explain your answer.

 Format: This assignment should be typed, using Times New Roman 12-point font, double spaced, white paper. Please proof-read your work and be sure to demonstrate exceptional writing skills. Staple all documents together in the upper left corner. Please do not use binders or plastic covers for this or any assignment in this course.  Include a cover sheet : that indicates the assignment name, the team name, the proposed company name, team members’ names, and the due date of the assignment.  Include a bibliography : of the sources that you used for research purposes and cite these within your text. Failure to use in-text citations will result in an automatic 20- points reduction in grade. Assignments not including a bibliography section at the end of the document will not be graded and will be awarded zero-points.  Late submissions of documents will not be accepted and a zero will be given for the assignment. Additional Information Product/Service Feasibility Analysis Paper

Example Paper Outline (this is just an example and you are not required to use this format)

Assignment name

Team name

Team Member 1 Name Team Member 2 Name Team Member 3 Name Team Member 4 Name Team Member 5 Name

Company name

Due date of the assignment Additional Information Product/Service Feasibility Analysis Paper

Introduction

Include a description of the assignment and what will be included in the pages to come.

Concept Test

Include an introduction to the concept test and concept statement section of the paper.

Include the concept statement in the appendices of the paper.

Discuss the information pertaining to this section.

Product/Service Marketability

Include an introduction to the product/service marketability section of the paper. Include the survey(s) in the appendices of the paper.

Discuss the information pertaining to this section.

Target Market Profile

Include an introduction to the target market profile section of the paper. Include the survey(s) in the appendices of the paper.

Discuss the information pertaining to this section

Usability Test

Include an introduction to the usability test section of the paper. Include the survey(s) in the appendices of the paper.

Intellectual Property

Include an introduction to the intellectual property section of the paper.

First- and Second-Mover Advantages

Include an introduction to the first- and/or second-mover advantages section of the paper.

Discuss the information pertaining to this section Additional Information Product/Service Feasibility Analysis Paper

References

Include a list (using either APA or MLA format) of all of the references that you used to find the information cited in the paper. Be sure to include any interviews or personal communications in the reference section. Additional Information Product/Service Feasibility Analysis Paper

Appendices

Include you concept statement, any surveys, any tabulated results here. Each appendix should be on a separate page and labeled according. For example

Appendix A: Concept Statement

Product

Product information here.

Target Market

Target market information here.

Why ABC Company’s products/services?

Benefits of the firm’s offerings here.

Differentiating Factors of ABC Company’s Offerings

Differentiating factors here.

Management Team

Management team information here. Additional Information Product/Service Feasibility Analysis Paper

Appendix B: Product/Service Marketability Survey Additional Information Product/Service Feasibility Analysis Paper

Appendix C: Product/Service Marketability Survey Results Table Additional Information Product/Service Feasibility Analysis Paper

Appendix D: Target Market Profile Survey Additional Information Product/Service Feasibility Analysis Paper

Appendix D: Target Market Profile Survey Results Table