Cost-Benefit Analysis

Project Costs and Benefits

In addition to INsoul, users would need to have a portable charger that can contain AA batteries and have a Universal USB cable plugged into it, to charge their phones. This would cost about This adds on to the costs incurred by users to fully utilise INsoul. In addition, though the batteries used are rechargeable, they have limited lives of 2 to 3 years from after manufacturing, thus additional costs are incurred by users to replace their batteries, assuming they use INsoul for at least 2 to 3 years.

Besides, if INsoul is not marketed on a large scale, the unit cost for producing it would be higher, becoming less viable to the less well-to-do. Everyone should have an equal chance in promoting and practising energy sustainability, for greater equity and benefits to the general public. Also, users must have enough literacy to read the instructions manual of INsoul, to know how to operate it well.

The addition of INsoul to the shoes would hamper walking speed slightly, and users have to be more careful when walking, to avoid damage to INsoul and to maximise its efficiency. If users are in a hurry for time, users would either choose not to utilise INsoul, or use the special shoes and turn up late for events. Sacrificing energy sustainability and decreasing their productive time, are both undesirable to themselves and to the wider community.

Also, many consumers are resistant to changes, thus becoming highly sceptical of this new device, even if we provide perfect information of INsoul and decide to market it. Many would be more unwilling to purchase INsoul as compared to a new pair of sports shoes, as not many users have tried out INsoul. They are worried that INsoul would not be value for money and that the outcome would not be as good as promised.

On the other hand, INsoul does have its many benefits.

Firstly, INsoul brings a new purpose to walking. Users might actually choose to walk over using other means of transport, increasing their physical health, and saving on transportation costs, by feel a greater sense of belonging to this new world in utilising innovative, green, and the latest technology. Comes with INsoul would be a mini-booklet that explains the rationale for creating such a product, which goes along the line of promoting energy sustainability. The booklet also explains how utilising INsoul can help to save on electricity bills, a good incentive to users. Also, it contains information on how to go about operating INsoul. Providing lots of information on a complex product could create consumer trust towards the product, and encourage them to purchase the product.

Secondly, INsoul could become a product that successfully promotes global awareness on the urgent need to engage in energy sustainability. Examples of how climate change is posing as a threat to lives and property could be highlighted, with climate change caused by using non-sustainable energy usage conveyed, through marketing and advertisements of our product. After capturing a sizeable market demand, people would actually talk about this product on mass media, unknowingly advertising it. More companies would be willing to invest on the research and development of INsoul to improve it, allowing larger scale production and INsoul being cheaper to consumers. This largely solves the inequity to consumers due to affordability. In today’s age, the power of consumers should not be underestimated. With a profitable market in green technologies, more people would be spurred to invent green products and methods. Consumers would also build more trust on green technologies, and increase their demand in accordance.

Lastly, research and development of this product could lead to greater efficiency of INsoul, unrestricting the devices that INsoul can power. Research and development could cause each step to generate a much larger power output, resulting in its ability to not only charge electronic devices with relatively low power consumption such as our mobile phones, but also devices that could save and improve lives, like portable medical devices and educational devices, such as electronic blood pressure monitors, pacemakers, highly advanced calculators, and multi-language coloured electronic dictionaries which could have relatively higher power consumption. This could save consumers sizeable electrical bills. More importantly, this could be a benchmark for sustainable energy solutions, reducing the amount of fossil fuels burnt and natural gases extracted to produce electrical energy. With the burning of fossil fuels and the extraction of natural gases being extremely harmful to the environment due to the pollutants they release to the atmosphere, they play a huge part in causing climate change. Thus, the way INsoul can promote and achieve energy sustainability could significantly reduce the rate of climate change in the long run, in addition to allowing users to pay less for electricity bills as users can create their own renewable source of energy through walking with INsoul.

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