MNGT2002 Business Venturing | Individual Feasibility Study Instructions & Rubric
INTRODUCTION
THE BUSINESS IDEA:
PURSUE:
A dynamic, interactive, multi-featured and fun on-demand learning app for the rapidly evolving, tech-savvy millennials who are either currently enrolled as students or are working professionals. The app will serve as a marketplace where different trainers, speakers, educationists, and institutes will be taken on board to offer courses for a suitable subscription fee. Students will be able to learn on the go through this app. They can stream the content or download it to watch at home, in the subway, or wherever they find it easiest to learn.
The novelty lies in the interface and multiple features that the app will offer. There will be a range of different popular categories which students are interested in – sports, arts & creativity, food & hospitality, music & dance, software, business, travel, photography, writing, design, environment, science & technology, medicine, psychology, and history – to cater to a wide number of people. New and niche subjects will be added and customized in response to individual demands. Regular assessments, projects, and fun challenges will be given to students to fulfill during the course. Students, upon subscription of a course, will be able to watch videos, undertake assignments, access publications, podcasts, seminars, and conferences.
The app will not only act as a skill development or a continuing education platform but will also serve as a community. A social network through which students will be able to connect and network with their fellow peers, share their ideas and projects and also maintain their profiles as they do for Facebook and Instagram. The profiles will act as portfolios for them, reflecting individual interests and progression.
Other features of the app will have a shop to purchase stationery, gears, equipment, and material required for completing tasks and projects of the respective courses. Students will also be able to access job portals available in a separate section and get recommendations from course instructors and fellow peers for landing a job.
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OBJECTIVE:
Pursue intends to empower millennials to learn, grow, follow their dreams and connect with the world, preparing them for an evolving future – wherever they are!
MARKET FEASIBILITY
TARGET AUDIENCE:
Demographics: Millennials, born between 1980 and 2000. Students, working professionals or married.
Psychographics: Technology has always been part of their lives. This generation is accustomed to instant gratification, quick access to products and services and additional sources of income created by the on-demand economy.
According to Ljupka Naumovska, (2017), they need attention, affirmation, and community. Finding a higher meaning of life and self-expression is what’s important to them. Their online interests lie in dating, career, networking, education, entertainment, and sociopolitical causes.
HOW PURSUE WILL ADD VALUE TO THE TARGET AUDIENCE?
PURSUE will offer everything millennials want – on-the-go convenience, authentic experiences, personal and professional development and a platform to connect with the world. Apart from being convenient and easy to use, it will come with a support network of instructors and fellow peers to help them gain a sense of connection and achievement.
It intends to give them greater flexibility and enable mobility with flexible schedules, allowing them to progress at a discrete pace, as quickly or slowly as they want, without having to depend on a group.
MARKET SIZE AND TRENDS:
As per Helmi, A. (2001), the global online education industry has expanded rapidly in the past few years. The three main drivers of online education were identified as information technology, education brokers (universities), and market demands.
Wadhwani, P. & Gankar, S. (2019), state in a report that globally, the e-learning market is estimated to hike from USD 190 billion in 2018 to USD 300 billion by 2025. On the other hand, the Australian online education market, according to “Online Education in Australia,” (2017), is anticipated to grow at a CAGR of over 8% to cross $7 billion by 2024, on account of technological advancements, eager learners and increasing penetration of smart devices.
The growth rate of the market seems promising because of the developments in artificial intelligence. Progress in IT security and implementation of cloud-based solutions have also increased the adoption rate as people are now able to enjoy a smooth learning experience on safe online platforms.
According to Briggs, S. (2019) collaborative edtech tools are supporting online learning through chatbots; platforms and apps that promote peer-to-peer engagement; and groups, blogs, and wikis. Students can use chat tools they already know like Facebook, WhatsApp, or Skype—or they can use chatbots like Google Allo for a more personalized online learning experience, as a source of social learning, to save teachers time, and for online assessments. To collaborate during lessons, students are using Google Apps for Education, Recap, TalkBoard, GoSoapBox, and Padlet.
The strategic advantage that Pursue will have over its competitors is that it will be a holistic solution for millennials at all levels. It is designed and developed through the strategic partnership with eLearn Australia for offering high-level designing, development and content production.
Top international and national universities in Australia will be taken on board for offering certified courses at all levels. Moreover, students and teachers who need online school management platforms, students who need tutors for specific subjects and on-job skill development courses will also be curated and offered.
Customized training and skill development courses will be developed for organizations and educational institutes. The app’s interface will be fun and vibrant to keep up with the millennials and act as a social network for students to share their interests and progress.
Flexible and affordable payment modes will be available, catering to different needs of different people; pay per class, monthly subscription fee and annual fee. 1-month free trial and discounts for referrals will be offered to encourage maximum enrollment and group subscriptions.
PRICING:
Flexible and affordable payment plans and modes will be made available to cater to all sorts of needs. For paying students, free trial, individual classes, certificates, and degree courses will be offered.
Packages: Pay per Class (depends on the qualification level, instructor and class, starting from $50), Pay per Course (depends on the qualification level, instructor and course, starting from $99), Pay a monthly ($20) or annual subscription fee ($199) for skill development courses and get unlimited, lifetime access to the lessons.
Discount offers will be given to group subscriptions, early birds, upon successful completion of courses and referrals. Pursue will generate revenue through subscription fee model, online adverts and lead generation fees through 3rd party vendors; online shops.
DISTRIBUTION CHANNELS:
- App stores; Google Play Store for Android, Apple App Store for iOS
- Website optimization
- Official Facebook and Instagram pages
- University portals
- Ad networks
- Trainers’, instructors’, KOL’s social media handles
- PR Blogs; Digital Buzz, The Inspiration Room, Banner Blog, and Mumbrella.
TECHNICAL FEASIBILITY
WHAT IS TO BE PRODUCED?
Pursue – a mobile-based e-learning app is to be designed and developed alongside content curation, production, and distribution on major platforms to attract millennials.
SPECIFICATIONS:
Mobile-based e-learning app developed on LMS, intends to offer a variety of courses and classes by authors, academic instructors, entrepreneurs, and professionals from across the globe. The app will be available for Apple and Android users alike. Moreover, a web-based app version will also be available to facilitate extended usage. Free as well as paid classes will be available for students to encourage maximum enrollment.
REQUIRED SKILLS, CAPABILITIES AND PERSONNEL:
Management:
The Project Manager will be responsible for meeting timelines, budgeting, quality assurance and to keep a track of deliverables. The Course coordinator will take care of the content development as well as the delivery of the content. LMS Manager will make sure the course works properly in the learning management system.
Content Curation:
SME (Subject matter expert, in this case, institutes and instructors) will work in close coordination with the writer for accurate content development. The writer will convert text into storyboards for interactive learning materials, they will work in coordination with SME and facilitator. The editor will then review the plan and hand over the edited version to the writer.
Design and Development:
This area requires multiple resources; User experience designer/prototype developer, Graphic designer and illustrator, Multimedia developer (video, photography, animation), Web developer (who’ll convert the content into a web-based or mobile resource) and Quality Assurer to test whether the developed course is working properly or not.
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