Assignment:
Final Project (SEE schedule below for due date):
• The Final Project is to create a product (either a good or service) that is not currently in the market and bring it to market.
• Successful completion of THE FINAL PROJECT requires:
o Use of concepts and material from the entire semester to:
• describe and discuss your product
• And why and how you are going to bring your product to market.
• Required items to include:
o Demand for your product - what and how to measure target market
• Your customer demographics
• Based upon the tastes and preferences of your customer demographic - are you filling a gap or challenging an existing product? In what ways?
• Normal or inferior product - response to micro, macro conditions
• Global and/or domestic target market: why?
• Current available substitutes?
• Establish how you know they are substitutes.
• Any complements to your product?
• What is their market impact on your product?
• Expectations of future demand changes - Global market changing? Domestic macro conditions (jobs)? Market environment (more or less competitive; why?)
o Supply of your product - all stages
• Financing - traditional, crowd financing? Why?
• Describe possible terms of funding?
• Government protection - apply for patents, copyrights, licenses?
• Production - what resources will you need? (Labor, physical capital, natural resources).
• Where will you source each? (supply-chain)
• Transportation - rnode(s)? Why choice?
• Distribution - channels, new or existing? Describe.
• Why?
• Testing - quality control; government regulation - compliance costs, specific to small businesses and your product; health regulations; agencies?
• Marketing - how, where, importance
• Taxes - What taxes will your business be subject to?
o Market Environment
• Ease of entry? Bathers? Mote?
• Competitive strategies?
• Potential competitor's possible responses to your entry?
• Format of paper
• The project must be 1000 words or less in total (not including any attachments or references)
• Edit for spelling and grammar
• The student's grade will depend on the clarity, depth, and cleverness of product development
• NO late projects will be accepted
• NO e-mail submissions : projects to be handed into PROFESSOR'S OFFICE