Production of Hardware-Software Diagnostic Equipment for Brain Enhancement - Term Paper Example

Feasibility Study Executive summary This paper seeks to address feasibility study involved in the production of hardware-software diagnostic equipment for brain enhancement. Using a Service-Dominant Logic description, the study outlines the requirements that support business services like appliances and their value, essential technologies, scenarios for future developments, and for future appliances, supporting systems and services. It also addresses market analysis of the business idea, in terms of potential market, customer and features identification, estimated market size, pricing issues and factors, business channels, promotion and communications, competitor analysis, and estimated requirements to reach market at first date. In addition, this study involves service development, key technologies alliances and firms necessary in the development of the business services and supporting systems, internal organizational requirements, financial needs, and the capability of developing service in time. Lastly, summary and conclusions of the feasibility is presented at the end of the report. Idea description The idea of the project involves the production of software-hardware diagnostic equipment of the brain development. This idea entails the invention and design of diagnostic equipment, both as hardware and software, which is vital for enhancement of human brain. The business idea will be highly beneficial to the market and the society since it will reduce the brain problems faced by individuals. This equipment will involve the use technology in the innovation of equipment that changes or erases bad memories. It will also be helpful in the improvement of shooting accuracy and combating actions among human beings. Additionally, the equipment is set to help in the development of creative thinking and problem solving skills among human beings. More so, this equipment will be influential in making the user’s brain high-functioning because it will facilitate clear-headedness and quick thinking. Currently, the idea is categorized under neuroscience, a field in which scientists are making attempts of improving human brain by employing technological innovations. Describe Idea as a Set of Business Services (Service-Dominant Logic Description) This production and marketing of the hard-software diagnostic machine is based on the knowledge that market, firms and society are involved with exchange of service; the use of competences (skills and knowledge) (Lusch & Vargo 2006, pp. 1-10). It will also be exchanged for other services because it will be sold to society and other firms. Its marketing will base on value-in-use and co-creation of value by producers and users. Therefore, the equipment will be used by different firms and individuals who will contribute to the improvement of the idea’s value (Sadiq, S & Leymann 2010, pp. 205-210). Roadmap Requirements to Support Business Services Appliances The development of the idea will require various computer appliances, such as, network appliances, storage appliances, and virtual machine appliances. These appliances are highly instrumental in the successful development of the hard-software diagnostic equipment. Value to be created using appliances The value created in the use of the appliances will entail the enhancement of human brain. This involves of shooting accuracy and combating actions among human beings; development of creative and problem solving skills; and erasing and removal of bad memories (Izzo, Summerer, & Rossini 2009, pp. 159-162). Technologies Required to Develop Appliances, Services and Supporting Systems The creation of the hardware-software diagnostic equipment, services and supporting systems will require certain technologies like web browsers, internet, processors and operating systems. Scenarios for Future Developments in Business Services Here, the service will be developed in future because of the fast evolution of technology. They are also bound to change due to the changing business environment, such as increased competition, by 2017. Therefore, the product is designed to allow for any technological adjustments in future; hence, maintaining its market (Jagels & Ralston 2007, pp. 528-530). Scenarios for Future Appliances, Services and Supporting Services The idea is feasible since development of appliances, services and supporting services is done in such a way that it will withstand technological evolutions. Changes of the device are likely to occur by 2018, so as to improve their performance, overcome competition and meet customer needs. Market analysis Market potential for business service The potential market for the hardware-software diagnostic equipment entails hospitals, schools, military institutions, and information technology firms among others. This idea will capture a large market because of its benefits (Uttal 2011, pp. 233-234). Customer identification Doctors, engineers, technicians, nurses, business managers, consultants, bankers, politicians, and teachers form the potential customers for the diagnostic equipment. These are people working in various organizations and institutions; both males and females, young and the old individuals. Estimated market size The diagnostic equipment has an estimated total market size of five million people working in various organizations, or individually in the world. This population will entail all the individuals who are interested in further development of their brains. Key Pricing Factors and Issues The implementation of the hard-software diagnostic device will be priced on the basis of industry standards, experience, market demand, skill level required, desired profit, incurred costs, business strategy, the client or market, and the kind of service involved. The aforementioned factors and issues are highly indispensable in the determination of pricing decision of the business service. Business Service Channels The distribution of the diagnostic device will involve a five-level channel in which a manufacturer’s agent functions as an intermediary between the wholesalers and the manufacturer. This will comprise of a manufacturer, agent, wholesaler, retailer, and the consumer. The benefits are brought about by the element of an intermediary in the channel (Gorchels, Marien & West 2004, pp. 1-20; Dent 2011, pp. 9-11; Snene 2011, pp. 30-35). Promotion and Communications Hard-software diagnostic machine will need the use of strategies like the use of social networking sites, such as, Facebook, Twitter Google, Yahoo, YouTube and MySpace. Personal selling, advertisement, trade shows and exhibition and sales promotion can also be employed in the promotion and communication of the service to the public (Rowley 2006, pp. 147-150; Shimp 2008, pp. 442-444; Kohn& Bob 2009, pp. 65-67; Jain, 2008, pp. 121-123). Potential Competitor Analysis This business service is bound to face a stiff competition from other already existing firms offering similar service including Dell, Nokia, Acer, HP and Apple. Nevertheless, the service will overcome this competition by differentiating it in terms of reliability, safety, affordability and quality. Estimated Required “Bring Service-To-Market First Date” The development of hard-software diagnostic machine is feasible since it will be ready to use 12 months earlier than when the market will require it. This timeline is adequate for all the activities and processes needed in the development and final presentation of the service in the market. Service Development Analysis Key Technologies Alliances and organizations required to develop Business Service and Supporting Systems Effective development of the diagnostic machine will require certain technological organizations and alliances are necessary. This will ensure the exchange of skills, knowledge and expertise in order to develop a quality product. Software companies and hardware organizations, which include Oracle, Unica, Keyrus, Cisco, Microsoft, and Sage, are highly essential (Gaughan 2010, pp. 530-534). Key Internal Organization Requirements Major internal organization requirements in the production of the diagnostic device include human resources specialized in finance, sales and marketing, human resource management, technical, and customer service departments. Adequate time and appropriate rules and regulations are also indispensable for the successful development of the diagnostic device. Key Financial Requirements Major financial; requirements in the development of the hard-software diagnostic device involve costs of production, costs of market research, costs of marketing and promotional activities, costs of distribution, taxes and cost of labor. Financial requirement of the production of the diagnostic service is approximately $5,000,000. Capability to Develop Service in time to “Bring Service-To-Market First Date” The ability to develop service in time and present it to the target market for the first time lies on the availability and efficiency of the requirements. Within a period of 18 months, the diagnostic device will be ready for its target market provided that every other requirement and preliminaries are handled well. Due to the ready market and availability of the required finances, the project is set to start off immediately. Summary of the feasibility study This entails production of a hard-software diagnostic machine, which will enhance human brain by erasing bad memory, improving problem solving and creative skills. It requires appliances and support systems like computers, operating systems, internet and processors. Its target market comprises of doctors, engineers, teachers, technicians, bankers, and nurses. Additionally, its pricing factors are industry standards, experience, market demand, skill level required, desired profit, incurred costs, business strategy, the client or market, and the kind of service involved. It will also employ a five-level distribution channel, and has financial requirements (Martin & Novom 2007, pp. 1-5). Conclusion The feasibility study is instrumental in analyzing the idea, the requirements involved in its implantation, as well as its potential competitors. Explicitly, the project will be highly beneficial to many people and institutions if it succeeds because it will enhance user’s memory, problem-solving and creative skills. It will also make an individual more clear-minded and sharpen his memory. Its reliability, affordability, safety, and quality make the equipment feasible. References Dent, J 2011, Distribution channels: understanding and managing channels to market, Kogan Page, London Philadelphia, PA. Pp. 9-11. Gaughan, P 2010, Mergers, Acquisitions, and Corporate Restructurings, Wiley, New York. Pp. 530-534. Gorchels, L, Marien, E & West, C2004, The Managers Guide to Distribution Channels, McGraw-Hill, New York. Pp. 1-20. Izzo, D, Summerer, L & Rossini, L 2009, Brain Machine Interfaces for Space Applications. Amsterdam: Elsevier/Academic Press. Pp. 159-162. Jagels, M. & Ralston, C 2007, Hospitality Management Accounting, J. Wiley, London. Pp. 528-530. Jain, S 2008, Integrated marketing communication: trends and innovations, Global India Publications, New Delhi. pp. 121-123. Kohn, A & Bob K 2009, Kohn on Music Licensing, 4th Edition, Aspen Publishers, Gaithersburg. pp. 65-67. Lusch, R & Vargo, S 2006, The Service-Dominant Logic of Marketing, M.E. Sharpe, Armonk. Pp. 1-10. Martin, M. & Novom, M 2007, The Fundraising Feasibility Study, Wiley, New York. Pp. 1-5. Rowley, JE 2006, Information Marketing, Ashgate, Aldershot. Pp. 147-150. Sadiq, S & Leymann, F 2010, Business Process Management Workshops: Bpm 2009 International Workshops, Ulm, Germany, September 7, 2009, Revised Papers, Springer, Berlin. Pp. 205-210. Shimp, T 2008, Advertising Promotion and Other Aspects of Integrated Marketing Communications, Cincinnati: South-Western College Pub. Pp. 442-444. Snene, M 2011, Exploring Services Science: Second International Conference, Iess 2011, Geneva, Switzerland, Revised Selected Papers, Springer, Berlin. pp. 30-35. Uttal, WR 2011, Brain machine interfaces: implications for science, clinical practice and society, Elsevier, Amsterdam. Pp. 233-234. Appendices 1. Timeline Phase Projected completion time Phase I: Making agreement with manufacturers March 2012 Phase II: Equipment installation April-May 2012 Phase III: Installing/Testing equipment June-August 2012 Phase IV: Conduct Software/Hardware testing September-November 2012 Phase V: Training December-April 2013 Phase VI: Service Implementation May to June 2013 Phase VII: Service evaluation and survey June-August 2013 2. Estimated financial requirements (within the first year) Cost Category Estimated costs ($) Production 1,000,000 Market research 1,000,000 Marketing and promotion 2,400,000 Distribution 500,000 Taxes 100,000 Total 5,000,000 . Read More