this is what I need the paper to be about:

2. Benefits & Costs: This will show the possible benefits of the new product, both tangible and intangible, cost/benefit analysis, potential customer and market analysis, analysis of competition.

The purpose of the project is to provide students with a simulated classroom experience as a member of a team planning all aspects the development and introduction of a new product (or service).

The project involves identifying and analyzing opportunities, proposing a brand new product, modifying an existing product, or identifying a new use for an existing product.

Following successful selection and analysis of the proposed product, the team will plan, and develop the product, and ultimately show how the product would be implemented.

Below is the proposed Project

Proposed Project:
Innovation of the parking process at MTBA stations, by implementing a monthly parking pass solution based on a sticker/scanning system, connected to an online account with a one-time set up and automatic once a month renewal.
The proposed solution would allow commuters to enroll and create an account on-line, with each enrolled receiving a windshield sticker with a bar code linked to his/her account number. The account is automatically charged a parking fee each month, with a one-month cancellation notice. Parking official can scan the bar code with a hand-held scanner to check if the account is current or not. If the account is current, the car is authorized to park in the lot. If it is not, the commuter receives a ticket. This simple design “Park & Go” system does not require a large investment in creating or remodeling of the existing parking infrastructure ??”it provides maximum benefits with minimal cost. This system is designed to work across all MBTA parking lots and essentially become the MBTA “Charlie” card for parking.
Project Objective:
Improve current parking system at MBTA stations, by eliminating the need for a “pay-per-day” process, making parking for T’s largest customer base – daily commuters, a more satisfying and convenient experience.
Need and Benefits:
The parking process at most T parking lots is cumbersome and outdated. The daily “pay-per-spot” system (either by cash or on line) is time-consuming and inconvenient to T’s most loyal, and largest, customer base ??” the daily commuters.
Currently, every day after parking their car, the customer has to check the parking spot number, go to the pay-box, find their slot number and deposit the exact, cash amount into the box. Although advances in technology have allowed a mobile pay option by phone, it is still a cumbersome option, which only eliminates the need to walk over the honor box to deposit cash. However, still requires finding the parking spot number, and sending the payment within 20 minutes after the car is parked, each day. There is also a monthly permit option, which must be renewed every month with a permit printed and placed on the dashboard.
All of these options are inconvenient for daily commuters, who are the largest customer base of the MBTA public transportation system. The current parking payment options create these issues:
?-? Commuters must carry cash daily (exact amount of $5.50), remember their parking space and physically put cash into the parking box
?-? Commuters must spend time to research the mobile parking option, sign up for it and still remember their parking spots and pay by mobile each day
?-? Commuters have to enroll, actively renew and print their parking permit every month
Failure to comply with any of these functions will result in a parking ticket, and frustration from the customers, especially if they paid the fee but made an error on their parking space number, paid too late, or forgot to re-new or print their parking permit.
The main benefits of the “Park & Go” system are:
?-? For Customers
?-? Eliminating the need to carry/worry about cash payment
?-? Eliminating the need to remember parking spot number to pay by cash or mobile
?-? For Parking Officials
?-? Easier read on the customer payment (scan and see)
?-? Possibility to charge more per day for convenience
?-? Predictable revenues ??” charged once a month for customers enrolled in the program
?-? Easy and inexpensive implementation ??” little investment in equipment and/or advertising
?-? Improvement in the way T is viewed by commuters ??” image benefits
Target Market:
The target customer market for this project is a daily commuter ??” MBTA largest and most loyal customer base.
Development Process:

Project Definition
A detailed design document defining the Park & Go Parking System will be prepared. This document will define all project requirements and will be used to evaluate the completion of project milestones.
Project requirements
The Park & Go Parking System proposes to create one streamlined point of contact for MBTA customers who seek parking. Customer access and ease of use in locating and paying for parking is the primary project requirement. The system will provide support for all parking lots that are used by MBTA customers. All parking payment options will be supported. These include daily cash payment, daily phone payment, monthly payment renewable each month and monthly payment automatic by credit card or checking.
The MBTA website will have one “Parking” link that will be the common entry point to all parking information and customer accounts. A User Guide will be developed and made available on the MBTA website. Each customer creates only one account for access to all parking lots and payment options. The existing RFID stickers and scanner technology will be utilized, however, will be extended to service multiple parking lots and all payment options.
Product Development Tasks
?-? Website design, development and testing, 320 hrs / Web developer
?-? Support and training for account management enhancements, 80 hrs / Business Analyst
?-? New User Guide development, 80 hrs / Technical Writer
?-? Consulting services to negotiate with parking management services used by MBTA (i.e. Parkmobile, Central Parking and others referred to on website), 120 hrs / Consultant
?-? Design, purchase and test enhanced RFID stickers and tags, 100 hrs / Consultant
?-? Purchase enhanced scanners from vendor. 40 hrs / Consultant
Functional Definition
?-? One “Parking” link from the MBTA website will be created for access to all parking information and customer accounts,
?-? User Guide will be developed and provided on the website. All references to parking in other documents will be revised to reference new User Guide,
?-? Common web interface for customer account creation. A single account is created for access to all parking lots and parking lot payment options,
?-? MBTA sends one RFID sticker or tag to each customer,
?-? Customer receives sticker in mail with bar code linked to account,
?-? Customer adheres sticker to windshield (or rearview mirror),
?-? System supports all payment options:
o Daily payment by cash in box
o Daily payment by cell phone
o Monthly payment renewable each month
o Monthly payment automatic by credit card or checking,
?-? Parking attendant scans stickers each day for enforcement.
User Interface
The primary user interface is a web application accessible from the MBTA website. This web application is the only point of contact for parking information on the MBTA website. The interface manages all parking information, accounts and payments.
Quality Assurance
The product will be fully user-tested prior to implementation with contextual inquiry used throughout the development process to assure ease of use by nontechnical users. A Beta test version will be utilized to assure product quality prior to going live with the system.
Website Account Creation
Implementation will take place in three phases. Phase I provides access to an optional link from the MBTA parking web page to a Beta test version of the account creation application; this will not be activated but will be a test site. During Phase I the current live parking options will remain intact on the MBTA web site. Phase II enables account creation in the Beta version, leaving all other parking account web pages intact on the website. Phase III is full implementation of the new service and removal of the existing parking account web pages.
Account Management
The account management process will be modified to enable one account for each customer, providing access to any MBTA parking lot and support for all payment options. Training will be provided to account management personnel.
Parking Enhancements/Training
The MBTA parking system will be broken into zones. Implementation will take place in stages by zone. The enhanced RFID stickers and scanners will enable lot attendants to determine the parking duration and payment option, which is a new feature requiring training. Parking attendants will be trained on the use of enhanced RFID scanners, and procedures for ticketing for non-compliance. If sticker is authorized the car can park in lot. If sticker is not authorized a ticket is issue. As training concludes for each zone, the new streamlined parking options will be rolled out in that zone, while training begins in the next scheduled zone.

Promotion for this enhancement will be fairly simple. Since the initial target market is mainly current T customers who already use our services, we have easy access to reach them. We are not rolling out a brand new product in the traditional sense, but rather an enhancement and streamlining of a current service that they already use to make their experience easier.
To reach this segment, we will utilize advertising opportunities already at our disposal through the MBTA’s advertising programs, which are geared toward T riders. They include website advertising on, subway tunnel video advertising, outdoor billboard advertising, and indoor subway billboard/train poster advertising. While we will have to forgo some advertising sales while we use advertising space for our own needs, the timeline will be limited and the potential to reach T commuters is clear and obvious.
Although our initial focus is on current commuters, it is our hope that a simplified parking system will also attract new riders to the T. In addition to advertising efforts, we will distribute a press release (see Appendix A) that we anticipate will be picked up by the major news outlets across the state. The press release will direct interested parties to the MBTA website, on which there will be more information about the new streamlined parking options and easy to use web interface. The goal is to generate positive news about the MBTA, while letting potential commuters, as well as current commuters, know how easy and convenient it is to park at any T station and ride the T into work. It is important to remember that we are not selling parking spaces. We are selling the MBTA.
Implementation will take place in stages by zone. We will break the entire T parking system into zones. Parking attendants will be trained on the use of scanners, and procedures for ticketing for non-compliance. As training concludes for each zone, the new streamlined parking options will be rolled out in that zone, while training begins in the next scheduled zone.