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Solution Library
Preparation of Business Plan with Market Survey for a new product
Question
Product/Service Feasibility
Write a concept statement for your product/service idea. Show the concept statement to 5 to 10 people. Select people who will give you informed and candid feedback.
Attached a blank sheet to the concept statement, and ask the people who read the statement to (1) tell you three things they like about your product/service idea, (2) provide three suggestions for making it better, (3) tell you whether they think the product or service idea is feasible (or will be successful), and (4) share any additional comments or suggestions.
Summarize the information you obtain from the concept statement into the following three categories:
• Strengths of the product or service idea things people who evaluated your product or service concept said they ”liked” about the idea
• Suggestions for strengthening the idea suggestions made by people for strengthening or improving the idea
• Overall feasibility of the product or service concept?report the number of people who thing the idea is feasible, the number of people who think it isn't feasible, and any additional comments that were made
• Other comments and suggestions
Buying Intentions Survey
Distribute the concept statement to 15 to 30 prospective customers (do not include any of the people who completed the concept statement test) with the following buying intentions survey attached. Ask each participant to read the concept statement and complete the buying intentions survey. Record the number of people who participated in the survey and the results of the survey here.
Along with the raw data recorded here, report the percentage of the total number of people you surveyed that said they would probably buy or definitely would buy your product or service if offered. This percentage is the most important figure in gauging potential customer interest. One caveat is that people who say that they intend to purchase a product do not always follow through, so the numbers resulting from this activity are almost always optimistic. Still, the numbers provide you with a preliminary indication of how your most likely customers will respond to your potential product or service offering.
How likely would you be to buy the product or service described above?
______ Definitely would buy
______ Probably would buy
______ Might or might not buy
______ Probably would not buy
______ Definitely would not buy
Summary
The question belongs to Marketing and it is a business plan coupled with a survey on the feasibility of a product. A product or a service idea is shared with people and their reactions regarding the product are duly noted and presented along with the business plan in the solution. The new product is “Fashion Finder” a service website where women can find the latest fashion trends and also find what suits them best.
Total Word Count 1036
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