New Product Concept Development

Your Task You are tasked to propose a new product for university students, which will serve at least one of the following purposes: –          to enhance student’s learning and better retention of knowledge –          to save students’ time spent on coursework –          to promote more effective teamwork for better result –          to enhance the well-being of students and happier university life The Steps 1.       Write up a PRODUCT/ SERVICE CONCEPT within 200 words by addressing the following: ·         Who are your target customers? ·         What is the current problem? ·         What is the solution(s)? ·         What are the product/ service features and advantages? (are they new to the market? Or an improvement of what is currently available?) ·         What are the benefits to customers? ·         How much does it cost?   2.       You may SUPPORT your product concept with drawings or photo images so that your target customers can visualize your product.   3.       Design with a QUESTIONNAIRE of maximum 10 questions and conduct a CONCEPT TESTING with 10 current  students, who will represent the target customers of your new product.   4.       REPORT on your concept testing results. E.g. How do the potential customers respond? Any questions asked? Any suggestions for improvement? Are they willing to spend money on this product? Will they recommend it other customers?   5.       Give a CONCLUSION and document your key learning.

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