GFB2102/GEB2102: Entrepreneurship - January 2024

Group Assignment 1

Name Student ID Course

Amirur Rahmat Bin Abdul Hamid 21000886 Bachelor of Information
Technology (Hons)
Izz Adriez Wyldan Bin Oni Syahrin 21001268 Bachelor of Information
Technology (Hons)
Muhammad Adib Aiman Bin Adihas 20001410 Bachelor of Information
Technology (Hons)
Afif Nur Hakimy Bin Suhaimi 20001378 Bachelor of Information
Technology (Hons)
Umar Al-Hadi Bin Shaharin Anwar 20000373 Bachelor of Information
Technology (Hons)
Muhammad Adam Syahmi Bin Azaha 21002137 Bachelor of Information
Technology (Hons)
Mikhal Bin Andrew Azmin 20000689 Bachelor of Information
Technology (Hons)
Table of Contents
1.0 Idea Generation (Idea Sketch Pad) .................................................................................3

2.0 Concept Statement ........................................................................................................4

3.0 Service/ Product Feasibility Analysis and Industry/Market Analysis ..................................6

3.1 Introduction....................................................................................................................................6

3.1.1 Competitor Analysis ..............................................................................................7

3.2 Service/ Product Feasibility ...........................................................................................................9

3.2.1 Product/Service Desirability (Concept Statement Test) ................................................9

3.2.2 Product/Service Demand (Buying Intentions Survey) ................................................ 14

3.3 Industry/ Market Feasibility.........................................................................................................17

3.3.1 Industry Attractiveness (Industry Attractiveness Assessment Tool) ............................... 17

3.3.2 Target Market Attractiveness (Target Attractiveness Assessment Tool) .......................... 19

3.3.3 Market Timelines Assessment (Market Timelines Assessment Tool) ............................. 21

4.0 Summary of Feasibility Analysis ................................................................................... 22

5.0 Conclusion ................................................................................................................. 27

6.0 Appendix ................................................................................................................... 28

1.0 Idea Generation (Idea Sketch Pad)

Figure 1 SurveyHub Idea Sketch Pad

2.0 Concept Statement
Product

SurveyHub is a state-of-the-art online platform that links clients looking for insightful data

with a specific audience of Malaysian university staff and students. Customers can quickly

upload their survey forms to the platform, and employees and students with "edu.my" email

addresses can get paid to complete surveys that are pertinent to their areas of interest and

experience to earn commissions.

Target Market

SurveyHub is only designed with Malaysian university staff and students in mind. We

intend to offer a platform where people with a stake in education and related fields can

participate in meaningful surveys and be compensated for their time. Our target market

consists of educational institutions across the nation.

Why SurveyHub?

For customers and survey participants alike, SurveyHub provides a special solution. Access

to a highly engaged and focused audience is made possible for clients by SurveyHub,

guaranteeing that survey responses are insightful and pertinent. SurveyHub provides staff

and students with an easy way to share their thoughts on subjects that are important to them

and earn commissions. Furthermore, surveys are relevant and effective because SurveyHub

only focuses on the Malaysian educational community.

Uniqueness of Our Product

Due to its exclusive focus on the Malaysian education sector and its distinctive

commission-based incentive model for participants, SurveyHub distinguishes itself from

other survey platforms. In addition to rewarding participants for their time and knowledge,

SurveyHub guarantees that clients receive high-quality responses from a relevant audience

by offering a platform that is especially designed to meet the needs of Malaysian

universities. Because of its ability to reach a specific audience and offer incentives for

participation, SurveyHub is the top option for survey-based research in the Malaysian

educational community.

Management Team

Originally conceived by Umar Al-Hadi bin Shaharin Anwar, SurveyHub is now led by

Amirur Rahmat bin Abdul Hamid, with the dedicated support of staff members Muhammad

Adib Aiman bin Adihas, Izz Adriez Wyldan bin Oni Syahrin, Muhammad Adam Syahmi

bin Azaha, Mikhal bin Andrew Azmin, and Afif Nur Hakimy bin Suhaimi, who collectively

bring a wealth of experience and expertise to drive the platform's success.

3.0 Service/ Product Feasibility Analysis and Industry/Market Analysis
3.1 Introduction

Figure 2 SurveyHub Logo

Our company is known as SurveyHub a dedicated survey platform to incentivize respondents

as well as supporting university-level survey research in Malaysian universities. We're
dedicated to empowering both students and staff members by offering a dynamic space where
they can engage in meaningful surveys and contribute to valuable research. At SurveyHub, we
bridge the gap between clients seeking targeted insights and our vibrant university community,
fostering a mutually beneficial exchange that drives innovation and understanding.

The official logo of this platform is as shown in the above image. The 'tick' symbol represents
a poll that shows our company’s dedication to providing support for survey researchers to
successfully gain their targeted insights. Meanwhile, the circular symbol with a light blue to
dark blue gradient symbolizes the inclusivity and versatility of our platform, designed to be
utilized seamlessly by both staff and students alike, fostering collaboration and community-
driven research endeavours. The full stop symbol beside the circular symbol signifies precision
and completeness in data collection and analysis. It represents our commitment to deliver
accurate and comprehensive insights to our users, ensuring that every survey conducted on our
platform is conducted with meticulous attention to detail and concludes with valuable findings.
 3.1.1 Competitor Analysis
SURVEYHUB
FACTOR (our business) PROLIFIC MTURK POLLFISH
Targeted insights
FOCUS & respondent Academic research Crowdsourcing Mobile Surveys
community
TARGET Students, staff,
AUDIENCE and general Students and staff Global workforce Global audience
population
Vibrant
community,
mutually Large and diverse Large and diverse Mobile-first
STRENGTHS beneficial participant pool worker pool platform,
platform, targeted Real time results
sampling
Focus on academic Low wages for Focus on short
WEAKNESSESS Newer player in research, may not workers, not surveys, higher
the market be suitable for all designed specifically pricing
business needs for surveys
Subscription- Subscription-based
BUSINESS based with Transaction fee per Pay-per-task model with pay-as-you-go
MODEL additional fees for completed study options
premium features
Community N/A Amazon Web Data visualization
COMPLIMENT forum, data Services integration tools, API access
ARY analysis tools
Free trial, student Limited-time Occasional bonuses Free trial, volume
DISCOUNT/ discounts, volume discounts for pay for workers discounts
PROMOTIONS discounts researchers
Subscription plans Variable depending Variable depending Subscription plans
vary based on on study on task complexity vary based on
PRICING features, survey complexity and and worker features and survey
PLANS volume, and participant qualifications volume
requirements
 respondent
demographics
Figure 3 Competitor Analysis Table

i) Prolific:

Prolific is an online platform that connects researchers with participants for surveys, studies,
and experiments. It offers a large and diverse pool of participants, including students and staff,
making it a potential competitor for SurveyHub. However, Prolific's focus is more on academic
research, while SurveyHub caters to a wider range of clients, including businesses and
marketing agencies.

ii) Amazon Mechanical Turk (MTurk):

MTurk is a crowdsourcing platform where businesses can post tasks and questions to be
completed by a global workforce of workers. While MTurk can be used for surveys, it's not
specifically designed for this purpose and may not offer the same level of targeting or quality
as SurveyHub. Additionally, MTurk's workers are often paid very low wages, which may not
be appealing to students and staff who are looking for mutually beneficial opportunities.

iii) Pollfish:

Pollfish is a mobile-first survey platform that allows businesses to collect feedback from a
global audience. It offers a variety of features, including targeted sampling, real-time results,
and data visualization. However, Pollfish's focus is on short, quick surveys, while SurveyHub
may be better suited for longer, more complex surveys. Additionally, Pollfish's pricing may be
higher than SurveyHub's, depending on the volume and complexity of your surveys.
3.2 Service/ Product Feasibility
3.2.1 Product/Service Desirability (Concept Statement Test)

Figure 4 Service Desirability Chart 1

In our recent concept statement test, we successfully engaged 28 respondents representing

diverse regions across Malaysia, with 23 (82%) identifying as students and the remainder as
working employees. Notably, all participants reported daily internet usage, underlining the
pervasive influence of digital connectivity in Malaysian society. This demographic insight
offers a strategic advantage, suggesting that marketing our products would be considerably
easier given the widespread online presence of our target audience. With a majority of
respondents being students and all of them being regular internet users, we can leverage digital
platforms effectively to reach and engage with potential customers, thus enhancing the success
of our marketing efforts.

Figure 5 Service Desirability Chart 2

In addition to our demographic findings, we discovered that an overwhelming 93% of our

respondents have experience managing research surveys. This remarkable statistic underscores
the familiarity and proficiency of our target audience with survey methodologies, indicating a
high level of readiness and receptiveness to platforms like SurveyHub. With such a significant
majority already accustomed to conducting research surveys, we anticipate that SurveyHub
will resonate strongly within the Malaysian market, poised for success as a premier platform
for both survey respondents and researchers alike. This promising insight reinforces our
confidence in the platform's potential to meet the needs and expectations of our user base,
paving the way for meaningful engagement and impactful research collaborations.

Figure 6 Service Desirability Chart 3

Furthermore, we discovered that 86% of the respondents have never participated in surveys
offering financial incentives. This intriguing insight sheds light on the prevailing attitudes and
experiences within our respondent pool, suggesting a potential gap in incentivization strategies
within survey research practices. Despite the absence of prior exposure to financial incentives,
the high level of engagement and participation in our concept statement test underscores the
intrinsic value and appeal of the survey content itself. This finding prompts a reevaluation of
incentive structures and highlights an opportunity to explore alternative motivators for future
survey participation, ensuring continued interest and engagement among respondents while
enhancing the effectiveness of our research endeavors.
 Figure 7 Service Desirability Chart 4

The majority of respondents expressed willingness to participate in surveys when presented

with financial incentives, as evidenced by an average score of 4.29 out of 5 from 28
participants. Among these respondents, 6 individuals assigned a score of 3, indicating moderate
interest, while 9 respondents provided a score of 4, signaling a high level of agreement.
Impressively, 14 participants awarded the highest score of 5, reflecting strong endorsement for
participating in surveys with financial incentives. This overwhelmingly positive response
underscores the potential effectiveness of incentive-based approaches in motivating survey
participation, highlighting an opportunity to leverage such strategies to enhance respondent
engagement and data collection outcomes in future research initiatives.
 Figure 8 Service Desirability Chart 5

In our concept statement test, we received valuable feedback regarding desired features for the
platform and insights into pain points experienced with previous online surveys. This feedback
serves as a roadmap for further enhancing SurveyHub to better meet the needs and preferences
of our users. By understanding the specific features users desire and addressing the challenges
they faced with previous online surveys, we can refine SurveyHub to offer a more seamless
and user-friendly experience. Incorporating these insights into the platform's development will
enable us to create a solution that not only addresses existing pain points but also provides
added value and utility, ultimately enhancing user satisfaction and engagement with
SurveyHub.
 Figure 9 Service Desirability Chart 6

The feedback from our respondents indicates a high level of agreement regarding the feasibility
of our business idea for the survey platform, with an impressive average score of 4.64 out of 5.
This overwhelmingly positive response underscores the perceived viability and potential
success of our concept among our target audience. The strong endorsement from participants
suggests that our proposed survey platform addresses a real need or opportunity within the
market, resonating effectively with the preferences and expectations of our potential users.
Such validation reinforces our confidence in the potential of our business idea and underscores
the importance of further development and implementation efforts to capitalize on this
favorable reception and bring our vision for the survey platform to fruition.
3.2.2 Product/Service Demand (Buying Intentions Survey)
Understanding consumer preferences and buying intentions is crucial for businesses to
succeed in competitive markets. Conducting buying intentions surveys offers valuable insights
into consumer behavior, helping businesses develop effective marketing strategies and
product/service offerings. This report focuses on analyzing responses from such a survey,
specifically investigating consumers' willingness to participate in surveys with financial
incentives, their interest in using a specific survey platform, and their preferences for various
survey types. By exploring these aspects, we aim to reveal important insights into consumer
demand and preferences, offering actionable recommendations for businesses looking to
improve their understanding of market dynamics and meet consumer needs effectively.

Figure 10 Service Demand Analysis 1

The survey question aimed to gauge respondents' willingness to participate in surveys when
presented with a financial incentive. The data reveals a positive inclination towards survey
participation when financial incentives are offered, with an average rating of 4.31 out of 5
obtained from a total of 29 participants. Among these participants, 6 individuals expressed
moderate interest, assigning a rating of 3. Furthermore, 8 respondents indicated a high
likelihood of participation by assigning a rating of 4. Impressively, a substantial number of
participants, totalling 15 individuals, awarded the highest rating of 5, signalling a strong
endorsement for participating in surveys with financial incentives. This overwhelming positive
response suggests that offering financial incentives can effectively motivate individuals to
engage in surveys, thereby enhancing respondent participation rates and potentially improving
the quality of data collected.

The high rating of 4.31 out of 5 for willingness to participate in surveys when offered a financial
incentive suggests strong consumer engagement. This positive response indicates potential
demand for the product or service under study, as consumers perceive value in participating
when incentivized financially. Varying levels of interest among respondents, from moderate to
strong endorsement, highlight the nuanced nature of consumer attitudes towards survey
participation. Leveraging incentive-based strategies can not only boost survey participation
rates but also provide valuable insights into consumer preferences, aiding businesses in meeting
market demand effectively.

Figure 11 Service Demand Analysis 2

The high rating of 4.52 out of 5 for the likelihood of using our platform in survey research
indicates strong interest from respondents. This positive feedback shows that many are keen to
include our platform in their research processes, suggesting they see value in what we offer.
With 19 people giving it the top rating of 5, and another 6 showing significant interest with a
rating of 4, it's clear our platform meets the demands and intentions of researchers. This
widespread approval highlights its potential to effectively serve the research community. By
capitalizing on this positive response, we can strengthen our platform's position in the market
and better meet researchers' needs, ultimately improving satisfaction and adoption rates.
 Figure 12 Service Demand Analysis 3

The survey results indicate strong interest among respondents in participating in various types
of surveys. With academic research, product feedback, market research, and opinion polls all
receiving considerable attention, it's evident that there's demand for a diverse range of survey
topics. The highest number of respondents, 24 people, expressing interest in market research
suggests a particularly strong demand in this area. Additionally, academic research, product
feedback, and opinion polls each garnered significant interest, with 21 to 22 people selecting
these options. The absence of responses for "others" indicates a clear preference for the
specified survey types. This data underscores the importance of tailoring survey topics to meet
the specific demands and interests of participants. This concludes that if the topic of the survey
is specified, the demands should be increased since people have their specific interests on what
topic are they researching.
3.3 Industry/ Market Feasibility
3.3.1 Industry Attractiveness (Industry Attractiveness Assessment Tool)
Moderate
Low Potential High Potential
Potential
1 Number of competitors Many Few None
2 Age of industry Old Middle aged Young
3 Growth rate of industry Little or no Moderate
Strong growth
growth growth
4 Average net income for firms
Low Medium High
in the industry
5 Degree of industry Neither
concentration Concentrated concentrated Fragmented
nor fragmented
6 Stage of industry life cycle Maturity phase Emergence
Growth phase
or decline phase phase
7 Importance of industry’s
“Would like to
products and/or services to “Ambivalent” “Must have”
have”
customers
8 Extent to which business and
environmental trends are
Low Medium High
moving in favor of the
industry
9 Number of exciting new
product and services Low Medium High
emerging from the industry
10 Long-term prospects Weak Neutral Strong
Figure 13 Industry Attractiveness Analysis
SurveyHub operates in a relatively young industry with few competitors, presenting an
opportunity for the platform to establish itself as a leader in providing survey solutions for
Malaysian universities. Despite the industry's slow growth and fragmented nature, SurveyHub
is positioned in the growth phase, with favorable long-term prospects due to high demand for
data-driven insights and technological advancements. While the industry's products and
services are desirable but not essential to customers, SurveyHub can capitalize on favorable
business trends and innovate to differentiate itself and capture market share, despite the low
emergence of exciting new products and services. Overall, the medium average net income and
strong long-term prospects indicate potential profitability and growth opportunities for
SurveyHub in the evolving landscape of university research and insights.
3.3.2 Target Market Attractiveness (Target Attractiveness Assessment Tool)
Moderate
Low Potential High Potential
Potential
1 Number of competitors in
Many Few None
target market
2 Growth rate of firms in the Little or no Moderate
Strong growth
target market growth growth
3 Average net income for firms
Low Medium High
in the target market
4 Methods for generating
Unclear Somewhat clear Clear
revenue in the industry
5 Ability to create “barriers to May or may
Unable to
entry” for potential not be able to Can create
create
competitors create
6 Degree to which customers Neither
feel satisfied by the current Unsatisfied satisfied nor Satisfied
offerings in the target market dissatisfied
7 Potential to employ low-cost
guerrilla and/or buzz
marketing techniques to Low Moderate High
promote firm’s product or
services
8 Excitement surrounding new
product/service offerings in Low Medium High
the target market
Figure 14 Target Market Attractiveness Analysis
SurveyHub operates in a target market with few competitors and a medium average net income,
offering clear methods for revenue generation. While the growth rate of firms in the target
market is slow and customers feel neither satisfied nor dissatisfied with current offerings,
SurveyHub has the potential to employ high-impact, low-cost guerrilla and buzz marketing
techniques to promote its services effectively. The ability to create barriers to entry for potential
competitors is uncertain, but with a medium level of excitement surrounding new
product/service offerings, SurveyHub can capitalize on opportunities to innovate and
differentiate its offerings, ultimately capturing market share and driving growth despite the
industry's challenges.
3.3.3 Market Timelines Assessment (Market Timelines Assessment Tool)
Moderate
Low Potential High Potential
Potential
1 Buying mood of customers Customers are Customers are Customers are
not in a buying in a moderate in an aggressive
mood buying mood buying mood
2 Momentum of the market Stable to losing Slowly gaining Rapidly gaining
momentum momentum momentum
3 Need for a new firm in the
market with your offerings or Low Moderate High
geographic location
4 Extent to which business and
environmental trends are
Low Medium High
moving in favor of the target
market
5 Recent or planned entrance of No larger firms
Rumors that
large firms into the market entered the
Large firms large firms
market or are
entering the may be
rumored to be
market entering the
entering the
market
market
Figure 15 Market Timelines Assessment Analysis

SurveyHub operates in a market where customers are moderately inclined to pay for the
services, with momentum slowly gaining and a high demand for new firms offering similar
services or located in the same geographic area. Despite rumors of potential entry by large
firms, the overall trend favors SurveyHub, with significant opportunities for growth due to
favorable business and environmental trends. The platform can capitalize on this by
strategically positioning itself, engaging with potential clients, and preparing to meet increasing
demand, ultimately establishing a strong foothold in the market despite potential competition.
4.0 Summary of Feasibility Analysis

Figure 16 Feasability Analysis Summary 1

The first pie chart in figure 16 shows the gender distribution of 29 people, with 16 (55%)
identifying as male and 13 (45%) identifying as female. The second pie chart shows the age
distribution of the same 29 people, with 26 (90%) being between 18 and 24 years old, 2 (7%)
being between 25 and 34 years old, and 1 (3%) being between 35 and 44 years old. There are
no people in the 45-54 or 55+ age groups. Which confirms our target audience to be university
students or staff between 18 until 44 years old.

Figure 17 Feasability Analysis Word Cloud

 Figure 18 Feasability Analysis Summary 2

Pie chart 1 in figure 18: This chart shows how often people use the internet.

• 29% of respondents reported using the internet daily.

• 0% of respondents reported using the internet several times a week, once a week, or rarely.

Pie chart 2: This chart shows the devices that people primarily use to access the internet.

• 28 respondents (96.6%) reported using a laptop or desktop computer.

• 28 respondents (96.6%) reported using a smartphone.
• 4 respondents (13.8%) reported using a tablet.
• 0 respondents reported using other devices.

Pie chart for “Have you previously participated in surveys with financial incentives?” showing
the percentage of people who have participated in surveys with financial incentives. The chart
is divided into two slices:

• Yes: 4 people (16%) responded that they have participated in surveys with financial incentives.
• No: 25 people (84%) responded that they have not participated in surveys with financial
incentives.
 Figure 19 Feasability Analysis Summary 3

Figure 19 shows the referred types of surveys and the difficulties they encounter with online
surveys. There are 29 responses to the survey.

Types of surveys:

• Academic research: 21 people (72%)

• Product feedback: 22 people (76%)
• Market research: 24 people (83%)
• Opinion polls: 22 people (76%)
• Other: 0 people (0%)

Difficulties with online surveys:

• Low response count: 24 people (83%)

• Biased response: 18 people (62%)
• Difficulties reaching desired target audience: 22 people (76%)
• Question types limitations: 6 people (21%)
• Other: 0 people (0%)

Preferred survey lengths:

• Less than 5 minutes: 26 people (90%)

• 5-10 minutes: 3 people (10%)
• 10-15 minutes: 0 people (0%)
• More than 15 minutes: 0 people (0%)
 Figure 20 Feasability Analysis Summary 4

Figure 20 shows the survey results that asked people “What features they would prefer in a
survey platform?”. There are 25 responses to the survey and the results of theanalysis are as
per listed below:

• UI/UX: 14 people (56%) would prefer a survey platform with a good user interface and user
experience.
• Data analysis (Visualization): 25 people (100%) would prefer a survey platform with good data
analysis and visualization features.
• Data extraction: 22 people (88%) would prefer a survey platform that makes it easy to extract
data.
• Report generation: 20 people (80%) would prefer a survey platform that makes it easy to
generate reports.
• Survey templates: 9 people (36%) would prefer a survey platform that has a variety of survey
templates.
• Other: 5 people (20%) listed other features that they would prefer, such as the ability to
collaborate with others on surveys and the ability to use the platform on a mobile device.
 Figure 21 Feasability Analysis Summary 5 and Word Cloud

Figure 21 shows survey questions with a 5-point rating scale. The question asks, "How likely
would you use our platform as part of your survey research process?". The scale ranges from
"Not at all likely" (1 star) to "Extremely likely" (5 stars).

• 20 respondents (69%) rated the platform as a 4 or 5, indicating they are likely or extremely
likely to use it for their survey research.
• 6 respondents (21%) rated the platform as a 3, indicating they are neutral or somewhat likely to
use it.
• 3 respondents (10%) rated the platform as a 1 or 2, indicating they are unlikely or not at all
likely to use it.

The average rating for the platform is 4.52.

5.0 Conclusion
While SurveyHub shows potential in the Malaysian university research market, it needs
refinement to truly shine. Prioritize mobile-friendly design, expand question types, and offer
robust data visualization tools features are highly desired by respondents. Attract student
researchers by emphasizing financial incentives and tackling their challenges like low response
rates. Consider tiered pricing or partnerships to ensure financial sustainability. By staying agile,
data-driven, and user-focused, SurveyHub can bridge the gap between researchers and
respondents, becoming a valuable platform within the Malaysian university community.
6.0 Appendix
Result Outcome