Agenda: Please Silence Your Cell Phone Questions

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AgendaPlease Silence Your Cell Phone ?
!Questions AnnouncementsLearning
ObjectivesChapter 3 Feasibility Analysis
Report Form TeamsReminders

• Accept That All of Us Can be Hurt, That All of
  Us Can and Surely Will at Times -- Fail. I
  Think We Should Follow a Simple Rule If We Can
  Take the Worst, Take the Risk.
  Dr. Joyce Brothers

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Learning Objectives

• Explain Purpose and Importance of Concept
  Statement and Feasibility Analysis
• Understand Requirements for Report
• Compare Contrast Concept Test and Usability
  Test
• Review Components of Four Feasibility Tests

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Road Map
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Team Project Instructions

• Purpose and Overview of Feasibility Study and
  Analysis
• Team Memorandum
• Report Instructions
• Research Overview
• Suggested Approach to Research
• Report Outline

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Concept Statement (Figure 3.3, Page 77)

• Purpose
• Contents
• Product/Service - Features
• Target Market Typical Customer Profile
• Product/Service - Benefits
• Product/Service Competitive Positioning
• Management Team Qualifications

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Phase 1Product/Service Feasibility

• Concept Testing
• Usability Testing
• Marketability
• Target Customer Profile
• Product/Service Usefulness
• Intellectual Property
• First Mover Advantages
• Discussion Group Compare Contrast Rapid
  Parking Systems Concept Test Usability Test

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Conducting a Focus Group(Type of Primary Market
Research)

• Invite 5 10 People, and Prepare 4 5 Questions
• Set Psychological Atmosphere
• Provide Concept Statement and Prototype
• Objections are Hints in Disguise
• One Person is Facilitator and One Person Takes
  Notes
• http//www.mnav.com/contest.htm

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Phase 2Industry/Market Feasibility (Chapter 5)

• Industry Attractiveness
• Market Timeliness
• Identification of Niche Market
• Discussion Group
• Critique Rapid Parking Systems

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Researching the Industry(Secondary Market
Research)

• Find the NAICS Code and Description
• http//www.census.gov/epcd/www/naics.html
• Google is Your Friend
• Plug Description Into Google Search Box
• What Did Rapid Parking Systems Do?

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Phase 3Organizational Feasibility (Chapter 9)

• Management Prowess
• Future Human Resources Needs
• Resource Sufficiency (Non-Financial)
• Location
• Discussion Group
• Critique Rapid Parking Systems

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Phase 4Financial Feasibility (Chapter 8)

• Pro-Forma Cash Flow Statement
• Cash Needed Capital Requirements
• Financial Rate of Return (Optional)
• Financial Performance of Similar Businesses
  (Optional)
• Overall Attractiveness of the Investment

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Conclusions

• Summarize Feasibility of Each Phase
• If Not Feasible, How to Make it So?
• Appendix
• Format, Cautions, Grade Sheet

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Did You Learn?

• Explain Purpose and Importance of Concept
  Statement and Feasibility Analysis
• Understand Requirements for Report
• Compare Contrast Concept Test and Usability
  Test
• Discuss Four Feasibility Tests

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Reminders

• Next Class
• Read Chapter 5
• Print Bring Concept Quick Pitch Instructions
• Team Memorandum and Attachments Due Soon Check
  Date in Syllabus

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Form Teams

• Area Where You Live
• Day/Time Available Outside of Class
• Weekday Morning
• Weekday Afternoon
• Weekday Evening
• Weekends Only