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Screening the Project with R-W-W - Essay Example

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The paper “Screening the Project with R-W-W” sought to find out how often people forget their umbrellas, 38.46 % said they forget their umbrella daily and additional 56.41% forget sometimes. These statistics are a revelation that many people forget to bring their umbrellas…
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Screening the Project with R-W-W
1. Does the product have a real market?
There is a real market for U2Go as all Vancouverites experience unexpected rain anytime during any day. In a survey that sought to find out how often people forget their umbrellas, 38.46 % said they forget their umbrella daily and additional 56.41% forget sometimes. These statistics is a revelation that many people forget to bring their umbrellas, due to being deceived by the sunlight early during the day, therefore the market for our service does exist.
Besides, 71.79 % of study participants said that they were interested in a service that allows them to rent umbrellas when needed. This satisfied our curiosity on whether people actually need the service. We will be mostly focusing on UBC campus area where our market ranges from students to faculty members to visitors. The market for Cargo exist and is pretty wide, Umbrella2go won’t focus on a specific segment, but rather all who use umbrella during the day (Statista 2015).
Demand for umbrella is highest in a rainy season. However, umbrella is becoming all-whether necessity with changing lifestyle and fashion needs. University students are reported to take Umbrellas in a big way (Scaria 2015). There is a market for about 96 lakh pieces of umbrella that is not adequately met (Krishnakumar 2015).
2. Will the organization compete with others?
U2Go will mostly be competing with all umbrella sellers on campus, which range from the UBC bookstore, Sear shop, Shoppers, University Pharmacy, London Drugs shop, and the Umbrella Shop at Granville Island. However, as this service is new, there will not be any direct competition facing our organization, establishing a monopoly advantage. Those shops are located in fixed places and have single outlets. Our sales people will be quite mobile and distributed in major streets where students are likely to pass through especially in the rainy or weather. Therefore, we will reach out to our customer and they do will not look for us like the other shops (Vancouver Umbrella).
The business will open 6.00 am in the morning and close 7.00 pm to cater for hours that students get in and leave school. However, the business will open overtime in rainy seasons when it is expected sales will be high when our competitors have closed. The price of an umbrella depends on the quality and durability. We are determined to provide all varieties to meet our customer’s interests. The average cost of an umbrella in Vancouver and particularly around UBC campus is $ 10-50. We will be renting the umbrella at 20 % of its sales value thereby providing a cheap and competitive price for our customers (Quijibo2 2015).
3. Does the company produce a genuine product?
Yes, our company produce a very genuine service as it provides students and faculty members with renting umbrellas in multiple different areas around campus anytime during the day. Our service is very fast and friendly just like car2go.
4. Can the commodity compete with other products?
When it comes to rain, there aren’t many substitutes you can use to prevent rain rather than using an umbrella or a raincoat. However, as U2Go is a service and there is no service that provides umbrella rentals or raincoat rentals, then the commodity tends to not directly compete with other products .
5. Is the product return profitable at a certain risk?
Yes. The forecasted return of the service is much greater than the costs of launching the service therefore it is a viable option. In the future, the service looks very promising and the management should look for options to further expand in the vancouver downtown area, north and west Vancouver, Richmond, Burnaby, surrey and maybe even all across BC (all areas that experience unexpected rain)
6. Is it logical to launch the product into the market?
Yes. It is definitely logical to launch the service in the market as U2Go is an entirely new service that was never launched before, yet it would succeed in a city where there is consistent rain almost all year long. the service would be logical as it will be similar to the idea of Car2Go which is very successful in Vancouver, but umbrellas instead.
b) Revisit your needs analysis table from your Idea Generation Report and select ONE final concept to evolve into a three column table:
(1. Is it REAL? | 2. Can we WIN? | 3/ Is it WORTH doing? )
Is it real
Can we win?
Is it worth doing?
Is there real demand for the product?
Would U2GO  have competitive on the market?
Are the plans greater than its launching and distribution costs?
Will the customer use the service?
Will it be able to maintain a competitive advantage?
Are the risks acceptable in the product growth?
Will the companies provide this service?
Does the corporation have superior resources
Does the U2Go service fit the overall growth plans?
Will the final commodity satisfy the specific market?
Is there proper management for the service?
Does the corporation have plans to respond to the market in the future?
Would the top management find a reason to support the idea?
REFERENCES
Krishnakumar, PK. “Umbrella Makers All Set to Greet Monsoon.” N.p., 2009. Web. 30 Mar. 2015.
Quijibo2. “Umbrella.” N.p., 2015. Web. 30 Mar. 2015.
Scaria, Joe A. “How the Umbrella Is Getting a Makeover with Innovative Ideas to Woo Customers.” N.p., 2012. Web. 30 Mar. 2015.
Statista. “Retail Sales Value Women’s Umbrellas United States 2011-2013 | Statistic.” Statista. N.p., 2015. Web. 30 Mar. 2015.
Vancouver Umbrella. “Vancouver Umbrella Sustainable Business Practices.” N.p., 2015. Web. 30 Mar. 2015. Read More
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