Does it make sense is it reasonable is it something

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Unformatted text preview: ts of product/service feasibility analysis Product/Service Desirability Product/Service Demand Product/Service Desirability 1 of 3 First, ask the following questions to determine the basic appeal of the product or service. •  Does it make sense? Is it reasonable? Is it something consumers will get excited about? •  Does it take advantage of an environmental trend, solve a problem, or take advantage of a gap in the marketplace? •  Is this a good time to introduce the product or service to the market? •  Are there any fatal flaws in the product or service’s basic design or concept? 5 9/25/13 What is the Value Proposition For the Customer? (Benefits) •  Is there a compelling value proposition for the customer? •  What does the customer really care about? –  Product •  Performance, features, quality, selection, safety, size –  Price –  Access •  Convenience, Pervasiveness •  Service –  Experience •  Buyer Utility Map (next class) 11 Product/Service Desirability 2 of 3 •  Second, Administer a Concept Test –  Develop a concept statement: one-page description of a business that is distributed to people who are asked to provide feedback on the potential of the business idea. –  The feedback will hopefully provide the entrepreneur: •  A sense of the viability of the product or service idea. •  Suggestions for how the idea can be strengthened or “tweaked” before proceeding further. 6 9/25/13 Product/Service Desirability 3 of 3 Example Concept Statement: New Venture Fitness Drinks Concept Statement Product/Service Demand 1 of 3 •  Two steps to assessing product/service demand –  Step 1: Administer a Buying Intentions Survey –  Step 2: Conduct Library, Internet, and Gumshoe research 7 9/25/13 Product/Service Demand 2 of 3 Product/Service Demand 3 of 3 •  Library, Internet, and Gumshoe Research –  Reference librarians can point you toward resources to help you investigate a business idea, such as industry-specific trade journals and industry reports. •  Loreen...
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This document was uploaded on 02/03/2014.

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