Presentation on theme: "Group 4:  Ralph Matthew A. Ong  Ha Phuoc Vu  Tran Khai Khuong  Melva Hermayanty Saragih  Pham Dinh Chien M997Z245 M997Z244 M997Z212 M997Z227."— Presentation transcript:
Group 4:  Ralph Matthew A. Ong  Ha Phuoc Vu  Tran Khai Khuong  Melva Hermayanty Saragih  Pham Dinh Chien M997Z245 M997Z244 M997Z212 M997Z227 M997Z201
INTRODUCTION Background of Nearby’s Invention Scott Dunlap (mid-2006) went to the mall at once and wondered “why isn’t there a search engine for malls where shopper can go online to see if product is available and where it’s the cheapest?” This questions came out due to the fact that his wife should take magazine from store to store for the product she wanted to buy.
Scott Dunlap & His Actions Scott Dunlop was an entrepreneur at Redpoint Ventures (a venture capital firm that specialized in first-round investment in Internet and broadband start-ups). He always kept his idea in his logbook handy He talked to shoppers, retailers, and mall managers about using internet to enhance the retail experience. He found that :  they were more technologically savvy and fascinated by search engines.  there wasn’t internet site told a specific store had a particular product in inventory or where the cheapest place to buy the product.
Product Feasibility Analysis First target Dunlap: malls. Fact in USA approximately 90% malls controlled by 6 companies. So if he could convinced even one company to give him a chance, it’s a large number of mall. In this stage, Dunlap wanted to learn most was whether the people really needed the service. Result: a need & an enthusiastic thirst for the solution that NearbyNow planned to offer. From the industry feasibility analysis side, Dunlap was signed that although people like to search and do price comparison online, they prefer to shop offline so they can touch and feel a product-especially for higher-priced items.
QUESTION #1 Write a concept statement for NearbyNow?
A description of the product of service being offered … was founded to simplify shopping for today’s consumers who browse online but buy in stores. By allowing shoppers to find products, brands, or sales locally, and to scan the inventory at any given shopping center, we provide a convenient shopping experience for the consumer and an effective marketing tool for merchants looking to motivate local customers.
The intended target market Shoppers who want to save the purchasing time by checking products before shopping; Shoppers who prefer to buy online.
The benefits of the product or service NearbyNow creates mobile shopping applications for magazines, brands, and retailers so that their consumers can stay updated on the latest products, buy online, or even locate and put products on hold at a nearby store. NearbyNow's unique technology platform is the first ever to track both online and in-store sales, offering a turnkey solution to attract, measure, and advertise to lucrative mobile shoppers.
Brief Description of the company’s management team Scott Dunlap Chairman of the Board, Founder & CEO; brings over 15 years of experience in developing new Internet technologies to strengthen retailer connections with customers; Mark Dixon Vice President, Product Management; brings over 15 years of experience in technology and organizational leadership; Leonid Blyukher Vice President, Engineering; brings more than 13 years of experience in technology, focusing on fast growing startup companies;
QUESTION #2  What types of gumshoe research did Dunlap benefit from?  What additional gumshoe research could he have conducted while he was investigating the feasibility of NearbyNow?
Types of Gumshoe Research 1. A search engine for malls where shoppers can go online: - If the product is available? - Where it’s the cheapest? 2.Google search engines largely directed people to places where the could buy things online rather than in stores. - Dunlap’s interest: finding a way to help people search for products online but buy them at a local store. 3. Some internet websites allowed shoppers to find the nearest store that carried a product but: - No sites told a shopper if a specific store had a particular product in inventory - Or where is the cheapest place
Additional Gumshoe Research One thing that heartening to Dunlap was signs that although people like to search and do price comparisons online, they prefer to shop offline so they can touch and feel a product (especially for higher- priced items, clothes and shoes) Limitation of NearbyNow’s system:  How accurately store track their inventory?  Not all stores can quickly tell a shopper whether an item is in stock.  Some high-end retailers don’t like their products seen side by side with less expensive alternatives.
Additional Gumshoe Research (cont.) Unexpected thing during beta or test phase:  When Wii was hot, stores, which ran out ot Wiis, would answer calls all day form shoppers looking for the product.  By logging on Nearbynow site, shoppers could see which stores were sold out of Wiis and they wouldn’t call the stores.  This problem is named with the concept: “local call buffering”
Solutions: keep a list of customers and their addresses that were looking for a Wii, and would send out an message to the shopper when the Wii was a available again
QUESTION #3 Do you know that majority of the malls in United States are owned by 6 companies?
The 6 Companies are:  Macy  JC Penney  Northstrom  Sears  Lord & Taylor  Neiman Marcus ∑: TOTAL # OF STORES: 3,325 stores 2,125 stores 1,995 stores 1,730 stores 865 stores 10,905 stores 12,207 stores 27.23% 17.41% 16.34% 14.17% 7.09% 89.33% =
QUESTION #4 Complete a First Screen analysis for NearbyNow. What do you learn from the analysis?
First Screen Analysis First Screen - First Screen is a template for completing a feasibility analysis. - It’s called “First Screen” because it’s a tool that can be used in the initial pass at determining the feasibility of a business idea. - If a business idea cuts muster at this stage, the next step is to complete a business plan.
First Screen Analysis People really needed the service. Initial beta or test phase of a product or service is that things are learned that were totally unexpected. In NearbyNow’s case, it found that one of the most valuable aspects of its service.