lets suppose that we are going to develop INTERIOR DESIGN RENOVATION application whereby users can capture a photo of any room or living space using their smartphone or tablet, and then harness the power of augmented reality (AR) technology to visualize different furniture and decor options in the space.

Briefly explain the answers below.

1B. Product/Service Desirability: First Step: Develop/Administer a Concept Test: 1. To conduct a concept test you have to first develop a concept Statement: A concept statement is a one-page description of a business, that is distributed to people who are asked to provide feedback on the potential of the business idea. A Concept statement should include i. Description of the Product/service, ii. Intended Target Market, iii. Benefits of your Product/service, iv. Unique Features of your product, v. Management Team). See sample Concept Statement in the end of this document. Second Step: Prepare a Short Survey for Concept Test: 2. Prepare and Attach a short survey to the concept statement. The short survey should include questions related to: - best three things about the product/service - weaknesses of the product/service - business idea viability - suggestions to improve the product/service Third Step: Conduct the Survey: 3. Once the concept statement and short survey is prepared, show this to at least 10 people who are familiar with your product/service industry. The survey should not be questioned to family or friends. (Reach out to industry, product/service experts). You can use SurveyMonkey or google forms for Surveying. Fourth Step: Tabulate the Survey feedback: 4. Read the answers carefully and Tabulate them in an excel sheet. Write down outcome of this exercise. Categorize each feedback as Positive, Neutral or Negative. Remove the neutral feedbacks. Now count if positive or negative responses outweigh each other. What is your result. Right it down in the end of excel sheet and your final report. 1. Product/Service Feasibility: 1A. First step: Ask yourself some questions related to: - Will the customers feel excited about my product/service? Why? - Is my business idea reasonable, does it make sense? how? - Does my product/service fulfill any entrepreneurial trend? (e.g. environmental, Technological trend) - What Problem does my product/service solve? What Market Gap I have identified to cater with my product/service? - Is it the right Time to Launch my business? If yes, why? If not, then when will you introduce it? - Critically analyze if there are any flaws in the basic design or concept of the product/service. Product/Service feasibility consists of two broad components. A. Product/Service Desirability B. Product/Service Demand. Each component is divided into further steps explained below with their respective heading