Problem:
College text books have sky rocketed over the last several years and new editions every year become more and more expensive.
Solution:
Create a site where college students can log on and input their school they are going to. From there they can rent the text books they need for free, but they need to put a credit card on file in case they do not return the book.The only cost is shipping which would vary upon location of shipment.
Idea Generation:
This idea came to me when I realized how much I am spending on my school books every semester. Every year school books go up and every year new editions come out you need to use, which are even more money. The sad part is, the newer editions do no differ much in information from the one the year before and I feel as though it has become a big game to make money from students who barely have enough money to get by. There is no reason why we should have to pay thousands for tuition but get nothing towards it. At a lot of tech schools, your tuition includes your books and supplies. At colleges not only do you have to pay for your notebooks, pencils, pens, and any other supplies you need, we are having to spend hundreds on books a semester.
Idea Screening:
This stage is done since the idea is already established and their will only be one product which is books.
Concept and Testing:
The concept would be that college students could go on to the designated site, ezbookrental.com and log in. They would need to registered with a school and this would have to be confirmed before any rentals could take place. This service is just for college students so it is important to make sure that they are the ones using this service. There would be a picture of the website and the log in screen with easy instructions on how to get started.
Market Strategy Development:
The target market: All college students looking for a cheaper way to rent their college books. The only cost would be if they did not return the book within the due date.
Distribution would be in the U.S.
Their is no marketing budget. The idea is to get the books donated and then to be able to rent them through this site. The donors would receive free advertising on the website which would be seen by millions of students everyday. This is not a service to make money, but rather put money back into the economy elsewhere, especially where students need it.
Business Analysis:
The only cost would be shipping expenses that the students would be charged upon completion of their order online. The initial cost of setting up the website would range around the $500-$800 mark. Other than that the books would be donated and in return free advertising would be given.
Product Development:
This would be the website and the supplies of books. Once they were completed, test marketing would begin.
Test Marketing:
This idea would be tested on 5 random schools to start with. This way I could get an idea on how popular this would become, what the demand would be like and how quickly the word would spread. Also, it would give me an idea of how many students forget to return their rental and how many honor the system. Students would have to click the agree to terms box before renting the books and that way they understand that they have to pay a fee for the book if they do not return it, so that a new book may be purchased in its place or if the book was returned damaged.
Commercializing:
If the 5 schools tested seemed to really get the most of the this service, then the service would be opened up to all schools across the country.
How the product works:
Students log onto ezbookrental.com and log in with an email and password. They then have to put in what school they go to and what classes they are in. From there the school will be contacted and asked to confirm this information. Upon confirmation, the student will then be able to rent the books he/she needs for the semester. At the end of the checkout process they will have to click the agree to terms which will include putting a credit card on file for shipping and return costs and/or if they do not return the book or if the book is returned damaged and cannot be re-rented. From their the books would be shipped out and they would be due within 2 weeks after the semester is over. This assures speedy recovery and availability for other students looking to rent the books.
Kifany Gower
Intro. to Marketing
