Progress Review
The VOSCUU Novus group, this week, did a project review to confirm that every member of the team was on track. However, the review took place in two parts: the first is the in-class discussion to ensure that the group report is well developed. The second part is a follow-up on the development of the design prototype.
In the final comprehensive report presentation of the product, one of the key aspects is the Business Report which has some of its major sections listed below:
1. Executive summary
2. Company summary
3. Market analysis
4. Market segmentation
5. Service business analysis
6. Competitive advantage
7. Main competitors
8. Strategy and implementation
9. Management summary, and
10. Financial plan
The team got hinted at some vital considerations to be made in the review of the product. This included a consideration of the present and future economic and environmental factors that affect the product. A key factor to consider is the recent global economic trends that have inflation on the increase and how it affects the ownership of pets with the steady increase in the prices of pet foods. It is seen that many pet owners are recently looking for how to discard their pets for the fear of not being able to sufficiently take care of the cost of keeping them. This point highlighted would be a key factor to be included in the team's report and would need to be considered in setting the price of the final product.
The team was also advised to seek reviews from peers in other groups by asking questions regarding the product to improve our market research. Questionnaires should also be sent to some specific target groups. In this aspect, the team's market research has successfully collected a tangible amount of data that can be used to make strategic decisions regarding general product marketing and competitiveness.
As regards design prototyping, the team reviewed the sketch for the prototype again, comparing it with the expected functionalities to ensure its effectiveness. The design team had presented the sketch the previous week which delivered a rough pictorial representation of the product. The date for the release of the final prototype was set for Wednesday, the 4th of May, 2022. The cost and the components are also expected to be ascertained on that date.
The survey that is being carried out by the team is set to be concluded by the 13th of May, 2022. The report of the survey would then be collated and needed actions would be taken based on the outcomes of the survey.
Thank you for reading. Feel free to share your thoughts and suggestions below. Watch out for more weekly publications from VOSCUU Novus.
...the future is now
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