Assignment 6

| 2 Comments

Idea Evaluation

Marketable


This week, the first part of the assignment was to survey consumers to determine which of our ten Ideas had the most potential. One of the suggested methods to conduct our survey was Amazon Mechanical Turk. I chose to use this method, because it would be a good tool to understand how to use for the future. In the end, It cost me about 12.50 to get 50 completed surveys, made up of $.20 per survey completed to the person completing it, $.02 per survey to Amazon, and bonuses of a few cents to workers who left helpful comments. I believe I ended up overpaying and could have spent about half what I did, as all 50 surveys were completed in well under an hour.

My survey consisted of a few basic demographic questions, followed by a photo and three questions for each concept. Questions were a scale from Horrible Idea to Great Idea, and free entry of how much they would pay for the concept, and a comments box. I discovered that I needed to better define what I wanted on the how much they would pay question, as I got results in many formats, and over a huge range. (one person had entries in the millions, which I excluded from my averages)

My top five rated ideas were:
(Keep in mind that the dollar values are given with no context, and these are mostly products that a customer would not be expected to pay out of pocket for.)

sig-2-1.jpeg
Rating: 3.52/5 (Note: no one thought this idea was "horrible", but very few felt it was "Great". All others have at least some votes for horrible, but some have more votes for great)
Average dollar value: $9.71


sig-1-2.jpeg.jpeg
Rating: 3.35/5
Average dollar value: $4.27


sig-2-2.jpeg
Rating: 3.44
Average dollar value: $7.72


sig-1-3.jpeg
Rating: 3.81
Average dollar value: $4.04


bs-1-3.jpeg
Rating: 3.71
Average dollar value: $3.03


Novel


Benchmarking

  • Smartphone Connection to Employees
app2x2.jpg
  • Peer to Peer Customer Help
p2p2x2.jpg
  • Augmented Reality App/Hardware
AR2x2.jpg
  • Amazon-like Reviews & Suggestions in Store
amazon2x2.jpg
  • Christmas Gift Registry
giftregistry2x2.jpg


Patent Search

  • Smartphone Connection to Employees
EP2624186 - Method for processing a customer request through a plurality of communication interfaces and for supervising such processing -This patent is really not very similar to the concept, but is the closest I was able to find. The biggest difference is that the patent is about multi-channel communication.
  • Peer to Peer Customer Help
WO 2012028951 A1 - Incentivized peer-to-peer content and royalty distribution system
  • Augmented Reality App/Hardware
WO 2013087352 A1 - Augmented reality personalization
  • Amazon-like Reviews & Suggestions in Store
CA 2761936 A1 - Integrated online and physical location merchandizing
  • Christmas Gift Registry
US 8478656 B2 - Systems and methods for a centralized gift registry with upload and merge of a retailer-specific registry



Feasible
  • Smartphone Connection to Employees
Biggest unknown: Whether stores would want such a service, as they would be my true customers.
Cost: Doing some quick research, $10k looks to be a good baseline for an app like this. (one time cost, mostly unlimited customers)
  • Peer to Peer Customer Help
Biggest unknown: Implementation. Website, app, monitoring, etc?
Cost: As written, this idea could take many forms. I think realistically, it would require an app, a website, and probably some sort of rewards for helping. I would expect a setup cost of around $50k, plus ongoing costs, but this would be more than offset by an even marginally reduced workforce.
  • Augmented Reality App/Hardware
Biggest unknown: Customer owned vs. in store use only/store owned?
Cost: As hardware: $200-$1500 per unit. As an app: $50k-200k development.
  • Amazon-like Reviews & Suggestions in Store
Biggest unknown: Where would this fit in a store? Might take up too much space.
Cost: $100-500 per unit, based on similar common electronics, such as smartphones and tablets, plus cost to develop software.
  • Christmas Gift Registry
Biggest unknown: Would customers like this, or just find it excessive?
Cost: Near free in any store that offers another gift registry, as they already have the equipment needed. Only cost would be marketing materials.$0-1000 per location.

2 Comments

Hi Andrew,

Your blogpost was an interesting to read and well-organized as well. I appreciate that you took the initiative to conduct 50 surveys in the place of 15. It definitely adds more credibility to your data. I like that you provided your idea sketches along with the data. I thought your feasbility analysis was well articulated and specific in addressing the unknown variables and costs. I liked that you hyperlinked the patents. It makes it so much easier for the reader to access these while they are reading your blog.

I understand that 2 x 2 matrices can take different forms. Perhaps you could have included a brief description to inform your readers of your approach.Maybe labeling the products that you were comparing and providing a two line description of the features could have helped as well. This is just so that your readers understand the context better.

~Harini~

This post was insanely organized, so for that I commend you!

You had a lot of information for each product. I think that is great that you were able to go into so much depth for this assignment.

Your 2 x 2's are interesting and illustrate what we already may be familiar with in a readable format.

Finally you did a nice job voicing your concerns. Maybe a little more discussion of the user would have been nice.

Leave a comment

About this Entry

This page contains a single entry by bens0468 published on December 4, 2013 9:06 AM.

Assignment 5 was the previous entry in this blog.

Assignment 7 is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.