Mktg305 Individual Final Project New Product Development Winter 2018 The CSUSB S
ID: 343207 • 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 0 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 already developed (it must be from you), this is your idea so have fun with it. I don't expect boring products/activities, think outside the box. Pape r 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 competitors 3. SWOTExplanation / Answer
PRODUCT NAME AND PRICE:
Parking Permits for a period of one week, available online after paying a minimum registration fee of $ 10.
WHAT PROBLEM DOES THE PRODUCT SOLVE:
The major problem faced by the students is the non availability of the parking lots for their vehicles as students occupied the spaces and do not come to college for days at a stretch. This would cause a problem to the regular students who come to college on daily basis.
By offering parking permits to the regular students will reduce the problem of occupying parking space for days by those who do not come to college regularly. The permits will be available online after paying a minimum registration fee. The link can be accessed only by those students who have regular attendance in classes and hence the permit will be printed having their name on the slip. with the help of which parking lots can be booked for a week.
It is important to note that the parking permits are non transferable in nature and can be used for only a week from the date of issue of the permit, after which it will be expired. Although the permit can also be used by the staff of the campus and a particular portion of the parking lot will be booked for the campus staff.
COMPETITION IN THE MARKET:
The biggest competitor for the said service offered to the students is the parking lots available outside the campus and other road side parking spaces available. The students who are not able to access the link and generate the parking permits can easily approach the parking spaces available outside the campus. Moreover this will reduce the interest of the regular students as well to get the permit. Instead of generating the permit they can go to other parking lots to park their vehicles.
SWOT ANALYSIS:
S (Strengths) :
W (Weakness):
O (Opportunities):
T (Threats):
IMPORTANCE OF THE PRODUCT:
DEMOGRAPHICS AND PSYCHOGRAPHICS:
The product so offered by the campus can be used by any student without any age bar in the said services. The permit can be accessed by any student irrespective of the gender, only if they have regular attendance. The parking lot can be used by the staff as well irrespective of the salary they are paid or the income they earn. The students these days are more environmental conscious and they pool their vehicles to reach the campus and require a safe parking lot for their vehicles. The product so offered in the form of permits can bring benefits for the organization as well as the organization in number of ways.
CONCLUSION:
Parking permits offered to the students has added to number of benefits to the campus as well as to the students. This initiative will bring awareness among the students regarding their attendance and also regarding the safety of their vehicle. Launching this product will be a good idea as it will utilize the free space in the campus for the benefit of the students and revenue can also be generated by the way of fee submitted by the students to generate the permits.