Essay Sample on Feasibility Analysis - Ocular Mobile

The World Health Organization (WHO) found 19 million of children under the age of 15 to experience a certain form of an ocular disorder. However, this figure could be much higher if the children are tested in bigger proportions and different demographics. Vision screening currently occurs mainly in formal office and hospital settings. Such non-integrative testing technologies lower the rate of screening of both the children and other vulnerable community members – including elders and disabled individuals. A total of 285million individuals experience some form of visual impairment. Out of this population, researchers postulate that up to 80% can be treated successfully (Transparency Market Research, 2020). Technological advancement continues to boost the rise of the eye testing industry and market. North America, where Ocular Mobiles Innovation is located, constituted the largest share of the eye testing equipment industry. Ocular Mobiles Innovations company specializes in ophthalmic screening systems based on a photonics platform that provides both cognitive functional and mobile ocular screening. Ocular Mobile's key vision is to provide easy-to-use screening devices that are usable anywhere in the world.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

Strength of the Business Idea (Score = 2)

An analysis of the various components of the strength of the business Idea returns an overall score of two. Firstly, the company was founded in 2016, a time the analyst believes was only very timely (score = 1). Entrant companies had only begun to establish their market presence. It is, furthermore, believed that the vision of the company aims to address a substantial unfilled gap in the market, i.e., leveraging the remote factors of the internet age to reach more diverse geographical demographics (score=1). The value addition concept also scored a high rating (1) while the behavioral change variable scored the lowest potential (-1) as the analyst believes the consumers will require an attitude change towards using the internet and self-diagnosing themselves for the ophthalmic conditions. Finally, the customers' satisfaction with the current ocular screening approaches variable was noted as moderate. A study by Alkhalaileh, Hasan, Al-Kariri, and Ibaid (2017), for instance, determined that patients at Saint John Hospital's Outpatients' ophthalmology clinic experienced a 63% satisfaction with their overall ophthalmic experience.

Industry-Related Issues (Score = 1)

Overall, the eye testing industry-related issues score at a one. The analysis first observes that the industry has a variety of players who are segmented according to a variety of factors (demographics service type, and the application of the equipment (ReportBuyer, 2018). North America, furthermore, comprises the largest market share in the ocular testing systems companies. Next, the industry is postulated to be in the growth stage (thus returning a moderate potential. Currently, the perceived customers for Ocular Mobiles services would like to use the products. Lastly, the industry is found to be in the growth stage of its lifecycle. The operating margins will continue to rise in the coming years.

Target Market and Consumer Related Issues (Score=2)

The target market for ocular testing has already been identified by the company. The company shall mostly target vulnerable individuals, including children, the disabled, and the elderly. These demographics are, however, assumed to possess low purchasing power. Ocular mobile shall thereby look to produce and provide cheaper and easy-to-handle services for do-it-yourself activities. Regarding the ease of awareness, the online-based ophthalmic process allows for easy awareness creation and growth of the target population. The company might easily overcome the geographical segmentation limitation.