Pricing My Product

In writing this post, there were a lot of things I had to take into consideration. First and foremost, I had to decide if I wanted to go with my parking app idea, or if I wanted to pick one of the other two business ideas, or something else entirely. I couldn't really find anything else I was really interested in so I decided to go with my parking app idea. To review my idea, I wanted to create an application that would help students at universities/colleges find parking spots on and around campus.

Now, thinking about how to price my product also required a lot of consideration. I looked into it and there are a lot of parking apps already available (various levels of quality) that are free. The way these applications generate revenue is by advertisements. The other option I considered was the option where the app would be free to use with limited features and would cost money to upgrade. Given that my target market would be students, I figure they wouldn't be so willing to pay money for an app.

 So I am going to use ads to generate revenue for my app. After looking into it, I found that the amount per ad view depends on various factors like how long and often users use the app. In short, the more users, the more money it makes. I do have a market as parking seems to be an issue around campuses everywhere, so I think the users will be there.

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