In a recent entrepreneurship class, Steven Milton has been assigned by his profe
ID: 416615 • Letter: I
Question
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.
Explanation / Answer
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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