Mktg305 Individual Final Project New Product Development Winter 2018 The CSUSB S
ID: 343206 • Letter: M
Question
Mktg305 Individual Final Project New Product Development Winter 2018 The CSUSB Student Engagement Center is looking to start new product/activities for campus. The products/activities are not expected to be academic or currently/recently offered on campus. The activities are your new ideas that you have thought of. The product/activities will be on campus and should solve a problem. The new product can be tangible or intangible and last minutes, hours, days, and could be offered on multiple occasions. The product/activity should be focused on the CSUSB or CSUSB-Palm Desert students, with campus staff being a secondary market. The product or service does not have to have a large market. Reminder: Please provide a new product or service that you have thought of. Not a product or service that is alread have fun with it. I don't expect boring products/activities, think outside the box y developed (it must be from you), this is your idea so Paper needs to follow outline format. Recommend 3-5 pages single spaced with outline headings and bullets) writing style. Provide a couple of references to help justify your idea 1. What Problem does the product/service solve? 2. Competition - who are your competitorsExplanation / Answer
This is a very specific question related to the particular University. However, I will try to focus on the way to go about this question. You have to figure out the pain areas of students/parents/guardians/society/industries. Eg. for students, exposure to real-world problems is something not-achievable in college. For parents, the problem is overall development of their kids. For society, it is more about becoming a responsible citizen in addition to a learned one. Industries demand experienced candidates.
1. If we start with student problem, the probable solution is setting up an incubation center that has tie-ups with industries and some of them fund the startup/research work. In order to have an overwhelming response, you need to do a lot of guest lectures from industrialists and businessmen. Providing the right support of resources and motivation would the value proposition of this service.
2. Competition- State funded incubation centers, companies providing internships. Try to identify why would your product be superior to competitors.
3. SWOT- Strength: Strong value proposition, easy accessibility, familiar environment and resources, exposure to the best of industry experts.
Weakness: Price can be a hindrance if State is providing it for free
Opportunity: Huge target segment, high revenue generation
Threat: Easy to enter this market, very high Government support, subsidized prices
4. Book knowledge can only solve the well-defined problems but there are a lot of unsaid needs in society that needs addressing. So, in addition to all the learning one needs to develop skills that are required the most in real-world.
5. This program can be open to all- students of the university, people having interesting ideas but no one is supporting their ideas can also participate with nominal fees
6. To find out the pricing, please conduct a reference pricing using secondary research and price it accordingly.
I hope this gives you an outline of how to approach this problem. We cannot give you the exact solution in a limited time.