SBE 440 Week 2 Assignment RLs Customs Full Feasibility Analysis
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Name of the proposed business
Name of the founder (or founders)
One paragraph summary of the business
RL’s Customs is a retail shop located in Salem, Indiana. My product focus is on tires, wheels, and aftermarket parts. Salem is a rather small town with a current population estimated around 6,172. It is also a fairly low-income town. The bonus factor in strategically placing my shop in this area is the acquaintances and long-term relationships I have already made with the inhabitants.
In rough economic times, such as these, it has become priority to distribute quality tires, wheels, and aftermarket parts at a price that most people can afford. That is exactly what I aim to do for the people of Salem, Indiana. Most people cannot afford brand new tires or parts, so I have taken the initiative to find gently-used tires and parts from a well-known distributor.
Part 1: Product/Service Feasibility
Issues Addressed in This Part
I am a local guy who can sell anything. I do not have a large overhead and maintain relationships with parts suppliers within, as well as outside of the community. I am able to provide personal (one-on-one) service to every individual customer. I have a physical location where the customer can view and touch a product before choosing to purchase.
Most people cannot afford brand new tires or parts, so I have taken the initiative to find gently-used tires and parts from a well-known distributor.
Concept Statement Test
Write a concept statement for your product/service idea. Show the concept statement to 5 to 10 people. Select people who will give you informed and candid feedback. Attached a blank sheet to the concept statement, and ask the people who read the statement to (1) tell you three things they like about your product/service idea, (2) provide three suggestions for making it better, (3) tell you whether they think the product or service idea is feasible (or will be successful), and (4) share any additional comments or suggestions. Summarize the information you obtain from the concept statement into the following three categories:
*Strengths of the product or service idea—things people who evaluated your product or service concept said they “liked” about the idea
*Suggestions for strengthening the idea—suggestions made by people for strengthening or improving the idea
*Overall feasibility of the product or service concept—report the number of people who thing the idea is feasible, the number of people who think it isn’t feasible, and any additional comments that were made
*Other comments and suggestions
Buying Intentions Survey
Distribute the concept statement to 15 to 30 prospective customers (do not include any of the people who completed the concept statement test) with the following buying intentions survey attached. Ask each participant to read the concept statement and complete the buying intentions survey. Record the number of people who participated in the survey and the results of the survey here. Along with the raw data recorded here, report the percentage of the total number of people you surveyed that said they would probably buy or definitely would buy your product or service if offered. This percentage is the most important figure in gauging potential customer interest. One caveat is that people who say that they intend to purchase a product do not always follow through, so the numbers resulting from this activity are almost always optimistic. Still, the numbers provide you with a preliminary indication of how your most likely customers will respond to your potential product or service offering.