Veri-Eye: Final Draft By: Brian Tiffee, John Quisenberry, Stephen Rogan, Matthew Olszewski, and Matthew McKennon

Introduction: The User ID and Password era is coming to an end, giving rise to the age of the Biometric Scanner. Taking full advantage of this rising era, we at Neurotechnology have produced VeriEye. Veri-Eye is an innovative new product with wide potential to sweep the upcoming market. As an iris scanner software, the Veri-Eye is the most effective type of biometric scanner currently available. While its numerous certifications and comments from the National Institute of Standards and Technology, who rank it as one of the fastest most accurate among the participants have shown that it is also a very competitive product in its own market. Below is an analysis of the Veri-Eyes strengths, weaknesses, opportunities, threats and competition along with a marketing analysis, including a discussion of the proposed plan to implement the marketing mix S.W.O.T. Analysis: Strengths: The strengths of a product are crucial in determining the marketability of that product. The VeriEye SDK has much notable strength. One of the strengths of the Veri-Eye software is its ability to rapidly and accurately identify the iris, even under strenuous conditions including narrowed eyelids and indirect eye recognition. The previously stated features of the Veri-Eye system make the software very versatile, which in turn increases the marketability of the product by offering a

better quality of iris scanner. The high grade security of the Veri-Eye software is another strength of the system. Security is of the utmost importance to the Neurotechnology Company and the key reason for the development of the software. The security of the system is corroborated mainly by the National Institute of Standards and Technology (NIST) who state that the system is not only secure but accurate. Weaknesses: Veri-Eye, however, is not infallible. It has a few weaknesses that are inherent in the design of the product. One such weakness is the large amount of RAM needed to operate effectively. This weakness is due to the systems need to pull up the verification data which because of its complexity is by nature large. The RAM usage would cause little strain on larger servers, however it does present a problem if ran solely off of a smaller computing unit such as a laptop or desktop. This may interfere with marketability on a domestic level, yet steps have been taken to reduce the amount of RAM used at any one time when implemented in a household setting. Another weakness in the system is its inability to communicate with outside systems. Consequently, things such as third party email accounts that require passwords cannot be set up to be run with the Veri-Eye software. Nonetheless, as biological scanning becomes more popular and technology evolves, the system will have the ability to assimilate into these third party functions. Despite the current resistance to our product, we have been developing a software extension that makes the Veri-Eye software compatible with other outside sources. This feature is currently available, yet lacks the ability to fully integrate with every system. The Veri-Eye extended software essentially uses the iris as an initial layer which allows the system to populate a user name and password into the third party system.

Opportunities: The need for better protection is global and due to our distributors, currently located on five major continents, it will be approached on such a level. Because of our vast reach as a welldeveloped company, many opportunities are available to us. The market is large in corporate security already and is growing in the consumer market. The expanding market segment coupled with the ease of access into many of these markets can prove to be quite profitable. The Veri-Eye system should grow tremendously in both popularity and use as time moves forward.

Threats: The threats that face this field are two-fold. The first threat is the use of similar biometric scanners such as facial recognition or finger print scanners, and the second is iris scanning systems provided by competitors. Competition from other security options such as fingerprint scanners, or passcodes provides consumers with alternative options. These may either come cheaper or appear easier to use to consumers. The other threat to our product is the competition from other eye scanning technology. We will have to show that our iris scanning technology is better than other systems that utilize iris scanning.

Analysis of Competition: As an up and coming market, competition is fierce. Many security companies such as Fulcrum Biometrics present a competitive hurdle in terms of their overwhelming presence in the current security market. As a large company with significant reach and large market control Fulcrum will present the largest competition within the business market. Fulcrum offers similar security software with iris recognition capabilities that it intends to sell to corporations for security

purposes. This places Fulcrum into the same niche as Neurotechnology Veri-Eye, therefore making them a direct competitor. Our competition does not end there however. Companies like Privaris and others are attempting to take the domestic market, with their newly developed portable fingerprint scanners. The portability factor in Privaris and others products will allow them to penetrate the market and appeal to the average household user. Despite this however, we believe that we can still corner the market with our Veri-Eye Standard SDK, a version of VeriEyes software specifically designed for household consumers. This product delivers less of the functionality that the extended version offers, yet it does provide a secure databank and less RAM usage which should appeal to the household market. Alongside the Veri-Eye Standard SDK we have also developed the Veri-Eye Embedded SDK, a version of the product that allows the use of the software on mobile devices such as smart phones. We believe that the Veri-Eye Embedded SDK, although priced the same as the Veri-Eye Standard SDK at 534, will be able to beat out the competition due to the quality of the product, which offers top of the line security and accuracy in iris scanning. Market Segmentation: The market in which the Veri-Eye would be introduced was a decision not taken lightly. After a full analysis of the product, it was decided that Veri-Eye would be introduced first to large corporations with high security needs. Many factors contributed to this decision. First and foremost this is a new and emerging market, because of this it was decided that these large corporations would be the most effective market. Large corporations with high security needs, by nature have sensitive information they need protected, therefore should be willing to invest their money in products such as ours. A secondary factor is that corporations have large password maintenance costs which can be absolved by our product. On average a large corporation records

anywhere from $100 to $350 per user in password maintenance fees annually (PB Works, 2012). The Veri-Eye SDK is priced at $774 for an unlimited license which does not need renewal. The hardware components needed to run the software are approximately $122.00 per user. After setup there are miniscule maintenance fees. Therefore after calculations it can be seen that this product can actually save large corporations money within the first year. (Refer to Figure 1 for an example of calculations.)

Figure 1

Figure 1 displays a sample calculation of savings per user for a corporation of 4000 employees with an average password maintenance cost of $225.

Marketing 4 Ps: Product: The iris is one of the most unique identifiers on the human body, even more unique than a fingerprint. The Veri-Eye Iris Scanning SDK is meant to offer a more secure and flexible option for information security. The software development kit allows customers to integrate our scanning software with their information systems. Because of its compatibility with multiple programming languages, this process will be made easier to complete with a multitude of systems. Our product also offers robust recognition, meaning that the scanner can read an iris without the eye being wide open or looking straight on. Veri-Eye has been certified one of the

fastest and most accurate iris scanning technologies currently available by the NIST IrEx. Our product offers reliability and ease of use to the customer. Price: The price of a product is crucial in the success of that product in the market. A product that is priced too high will cause a drop in demand. While a product priced too low runs the risk of failing to cover the cost associated with the product. An underpriced product also runs the risk of appearing to be of a poorer quality than competing products priced higher, regardless of the actual quality of either product. The Veri-Eye SDK is priced at 589 or roughly $774.00. This is a reasonable price compared to the immediate competition which range anywhere from 350 to 2000. Place: Marketing is all about putting the right product in the right place to maximize the success of the product. Every day, there is new technology being produced and introduced into the market. Correspondingly, there are just as many products which fail because they are introduced to the market through the wrong distribution channels. Each channel whether distribution directly to the customer from the producing business, or through a third party vendor can be a crucial decision towards the survival of the product. Expanding on this basis, it becomes clear that in order to become profitable in the market Veri-Eye must be introduced through the appropriate channels. The channel chosen for Veri-Eye was that of a direct channel from Neurotechnology to the customer, with no third party distribution sites. This decision was made on the basis that Neurotechnology would be doing its main business with other large corporations, for the time being and therefore wish to build a report with the customer. Furthermore, we intend to offer full

customer service along with installation of the product requiring interaction with the customer. The decision was also influenced by our established pipeline throughout the world. We are currently located in five of the seven continents with Antarctica and Australia being the two vacant continents. Promotion: Promotion is the fourth aspect of the marketing mix and details the strategy behind the products advertisement. Advertisement for the Veri-Eye system will consist mainly of ads in business journals and magazines along with strategically placed billboards. Accompanied by those, will be a team of representatives from the company who will be assigned to specific business sectors to spread awareness of the product. Analysis of Survey Results: A survey was taken to test the perception of our product in the mind of the consumer. The survey was distributed through an electronic survey website provided by the University by the name of Qualtrics. Figure 2, to the right, displays the results for Question 4 of the survey: Do you believe that your password could be improved? As seen here, a majority of the people surveyed believe that their password protection is insufficient. These results prelude the idea that the sixty four percent of the participants will most likely be open to new technologies which provide better protection than what can be provided by their current password protection. Figure: 3, below, displays the results for Question 5: If made to be convenient, would you be willing to use products such as
No 36% Yes 64%

Figure 2: Question 4

an Iris, Palm, or Finger-Print Scanners in place of User ID and Password? These results corroborate the earlier assumption that sixty-four percent of

Figure 3: Question 5
No 36% Yes 64%

the participants that took the survey are willing to use a biometric scanner of some kind to protect their data as long as the technology is convenient. The Veri-Eye SDK is a very convenient product that offers not only accurate but fast recognition of the iris. These qualities make the VeriEye SDK a fit for this market. However, in terms of the

household market the Veri-Eye embedded software may be met with some hardship due to its price point. Whereas large corporations have password maintenance cost household markets have essentially no cost to consider when using passwords, therefore they are less willing to invest in a product such as ours. Displayed in Figure 4, to the right, is the data collected from the survey over Question 6: How much would you be willing to spend on one of these security scanners? As can be seen many of the participants are not willing to pay more than $100 for such a product whereas our product is priced far above that. This will present a problem in penetrating the household market at this time. Therefore based on these results we at Neurotechnology have decided that the household market will be a secondary priority that can be addressed at a later time when the technology has advanced far enough to make the product cheaper and therefore more suited for this market.
$20$49 47% Under $20 32% $50$99 16%

Figure 4: Question 6
$100+ 5%

Actions and Controls: Managing the Marketing Mix Management of the marketing mix factors is crucial in maintaining the products presence in the market. Plans that lay out the maintenance protocol of the four elements of the product mix are needed in order for action to be taken. Detailed in this section is the plan to implement and manage the marketing mix factors. Product management is essential. Product production must change to coincide with the change in market. Therefore, funds must be allocated to research and development in order to further the product. Advancement of the product includes a reduction in RAM usage as well as price to construct. These are the two aspects that require the most attention. Similarly attention should be brought to the development of the Veri-Eye Embedded SDK. The consumers continue to perceive portable technology as having a value. Therefore a quality affordable version of the Veri-Eye system that is portable can bring awareness and profit to the corporation. Price must continually be managed to allow advancement not only in the market but in the mind of the consumer. Price needs to remain low enough as to be competitive while maximizing profits. Currently the Veri-Eye product is priced accurately, however as time goes on and competition increases the price must be adjusted to compete. Conversely, focus must go into reducing the price in order to penetrate the household market. Promotion is the layer of the marketing mix directly linked to the customer. Because of that link this layer requires the most upkeep. Advertisements need to be increased in areas closest to the distribution centers along with areas of large businesses. It is imperative that customers understand our product and envision it as something that they need. This will allow for growth in

sales along with brand recognition. In terms of the household market, advertisement should be approached with moderate intensity for the time being. Neurotechnology does not believe that the household market is viable at this time therefore funds to this market will represent that belief. The company intends to expand its global reach. Distribution centers will rise in various places as revenue is gathered. Furthermore an expansion into Australia should be considered. Despite the populous attitude towards security, Australia does present an untapped market. Further research is required before expansion should be considered. Closing Statements: Neurotechnology Inc. is a thriving corporation with many goals directed to the protection of those around them. Therefore it is the job of every employee to show the upmost respect and drive when presented with the task of security. The products should represent the company we wish to be. A company founded on morals that strives to be the barrier protecting her customers from those who wish to do them harm. To fulfill our goal we must ban together in research, development, marketing, and sales to make the customers aware of our commitment and resolve as well as the integrity of our products and the protection they can give.

Appendix:
Question 4: Do you believe that your password could be improved? # Answer Bar Response % 1 Yes 0.64 16 64% 2 No 0.36 9 36% Total 25 100%

Question 5: If made to be convenient, would you be willing to use products such as an Iris, Palm, or Finger-Print Scanners in place of User ID and Password? # Answer Bar Response % 1 Yes 0.64 16 64% 2 No 0.36 9 36% Total 25 100%

Question6: If you answered yes to the above, how much would you be willing to spend on one of these security scanners? # Answer Bar Response % 1 $100+ 0.052632 1 5% 2 $50-$99 0.157895 3 16% 3 $20-$49 0.473684 9 47% 4 Under $20 0.315789 6 32% Total 19 100%

Reference: PB Works, Authentication Technologies, Biometric. 2009. Accessed on May 5 2013.

http://biometrics.pbworks.com/w/page/14811351/Authentication%20technologies