Maria Oquendo- “Uni-Voice”
Introducing the Universal Voice activated remote control.
Problem-New Product Strategy. At home I need five remotes that serve a different purpose. It takes me about ten minutes to find them all. Once I have the remotes I need, I just can’t seem to find the channel I want to watch. Hence the idea for the “Uni-Voice” came to mind. You simply push a button and say ”HBO”, and poof, a;; you HBO channels display in a matter of seconds.
Idea Screening
In order to make this product we need to begin with a universal remote. That would be needed in order to eliminate the use of so many remote controls. Most remotes come standard with a rectangular shape so we will keep those same dimensions. A small speaker will be imbedded into the side of the remote for the voice command. There will be a yellow circle that shows a speaker which will be used to speak into. Simple instructions will be used to program the remote and to record your voice.
Business Analysis (Questions pg 151)
What is the likely demand for this product?In today’s society where technology is a key factor I think that this product will do well. It will be inexpensive to make and save people a lot of stress when searching for entertainment on the television.
What impact would the new product have on total sales/ profits?
Due to the holiday season it would make a great stocking stuffer. Mostly for men since they tend to cling to the remote controls.
Would current customer benefit from the product?
Yes, the universal remote was a big thing when it first came out. So imagine the same idea but with a voice command to change the channels for you. There is no product out there today that can do with this products promises to do.
Would the product enhance the image of the company’s overall product mix?
Yes, it can bring in a surplus of money to a corporation because it is a newly developed product and many would want a piece of the pie.
Would the new product affect current employees in any way?
The only affect I hope this product will bring is more business to the manufacture. It will not add an extra work load to employees nor wuld it affedct there hours of work.
How might competitors respond?
Most competitors would take my idea and try to duplicate it and sell it at a lower cost or give it a spunky name to draw in a crowd. But many times when you take a shortcut to save on costs the products is not as valuable as it should be.
What is the risk of failure?
The risk is that the economy won’t allow people to buy new technology. As the economy gets better I have no doubt that this new form of remote will draw a lot of attention and cause business to boom. Especially now that there are so many game consoles out there that also come with remotes. It would be so much better to just say “PS3” and have the remote do all the work for you.
Thursday, December 3, 2009
Tuesday, December 1, 2009
"FlavorTex" Mark LaNeve
Flavored latex gloves.
New Product Strategy:
This is flavored latex gloves that will mostly be used by dentists and dental hygienists.
Flavored latex gloves.
New Product Strategy:
This is flavored latex gloves that will mostly be used by dentists and dental hygienists.
The gloves come in a couple different flavors such as peppermint, bubble gum, rasberry, grape and mint. These gloves will hopefully help children who dont like going to the dentist, and possibly people who just cant stand that taste of latex in their mouths.
Idea Generation:
My girlfriend is currently going to school to be a dental hygienist. She was talking to me about her work and the idea popped into my head. I thought this would be a good idea because I am one of those people who hate that taste of latex.
Idea Screening:
I've researched this product and there is similar products out there. I would make my product more affordable, and possibly supply many different flavors to out due my competitors. I would also make sure the gloves were medically approved for use.
Business Analysis:
What is the likley demand for this product?
I think that many dental offices would be interested in this product. It is a good way to get business for them from parents whose children would want to go to the dentist because they enjoy the taste of the gloves. This product can be used all over the world and in tons of dental offices, even for dental schools and thier students.
What impact would the new product probably have on total sales, profits, market sales, and return on investment?
This product would do very well in sales because if they are successful, there would be a high demand for getting them from dental offices. There could be high profits from this, and they will always be needed as long as latex gloves are used in dentist offices.
How will competitors respond to this?
The competitors will probably lessen their prices, or try to create new flavors in order to out due my product.
What is the risk of failure?
The risk of failure is that the product really doesn't make a difference to people. If children don't like the flavors it could effect the profits. Also perhaps some dentist don't feel it is necessary to have these and just use the regular latex gloves that they have since they started.
Development:
These gloves will be developed the same way as other latex gloves except the flavors will be added to them when made. I would probably try to sell the idea and the development plan to an existing company who already makes latex gloves and have them add this to thier production.
Test Marketing:
The way I would test market this product is to sell samles to dental offices all over the US and dental schools as well. If they are successful, then the offices will want more, and then we would assist their needs and production would begin.
Commercialization:
We would start out selling to dental schools and small dental offices, and if the gloves are a sucess then we will start producing more and extend our inventory to the satisfaction of our customers.
Digi-Tint Tim goble
New Product Strategy
Digi-Tint is a device developed for automobiles. Digi-Tint enables you to adjust the tint of your windows with a dial fitted inside of the vehicle. The device is similar to a dimmer on a light switch. The windows would be specially manufactured, the actual window itself is digitally enhanced to adjust shading and is capable of the appearance of a normal window when desired. The product would comply with all state laws and regulations regarding window tint.
Idea Generation
I came up with this idea when I was much younger. Tinting windows can be quite the hassle. The tint is often hard to put on and it eventually fades or tears. With this device you don't have to worry about those issues. You can adjust the tint to fit the weather or look of the vehicle.
Idea Screening
When screening for products similar to this, I could not find anything quite like it. The technology is definitely out there. Everything in this day and age seems to be going digital, so why not add it to automobile windows? I think the product would market well with major auto manufacturers.
Business Analysis:
What is the likely demand?
I think the demand for this product has the potential to be considerably large. Consumers seem to jump at new technology and always seem to want the latest gadgets installed on their automobile.
Would customers benefit from the product?
I think consumers would enjoy the product. This component is definitely not a necessity but consumers may benefit in some ways, it would add better visibility on sunny days when its hard to see. The product also adds privacy to the automobile and would prevent prospective thieves from breaking into the car by shielding the interior.
Would the product effect the image of the company's overall product mix?
What is the risk of failure?
The risk of failure is high. The technology would have to be tested and perfected to meet safe driving standards. Research could be quite costly. But there is also a good possibility that the product would do well, its a new fresh technology that could become as standard as a CD player in every automobile.
Digi-Tint is a device developed for automobiles. Digi-Tint enables you to adjust the tint of your windows with a dial fitted inside of the vehicle. The device is similar to a dimmer on a light switch. The windows would be specially manufactured, the actual window itself is digitally enhanced to adjust shading and is capable of the appearance of a normal window when desired. The product would comply with all state laws and regulations regarding window tint.
Idea Generation
I came up with this idea when I was much younger. Tinting windows can be quite the hassle. The tint is often hard to put on and it eventually fades or tears. With this device you don't have to worry about those issues. You can adjust the tint to fit the weather or look of the vehicle.
Idea Screening
When screening for products similar to this, I could not find anything quite like it. The technology is definitely out there. Everything in this day and age seems to be going digital, so why not add it to automobile windows? I think the product would market well with major auto manufacturers.
Business Analysis:
What is the likely demand?
I think the demand for this product has the potential to be considerably large. Consumers seem to jump at new technology and always seem to want the latest gadgets installed on their automobile.
Would customers benefit from the product?
I think consumers would enjoy the product. This component is definitely not a necessity but consumers may benefit in some ways, it would add better visibility on sunny days when its hard to see. The product also adds privacy to the automobile and would prevent prospective thieves from breaking into the car by shielding the interior.
Would the product effect the image of the company's overall product mix?
Yes
Would the new product effect current employees in any way?
If anything the addition of this product to a company such as an automobile manufacture, if manufactured by the company itself and not a third party, would create positions.
How might Competitors respond?
What is the risk of failure?
The risk of failure is high. The technology would have to be tested and perfected to meet safe driving standards. Research could be quite costly. But there is also a good possibility that the product would do well, its a new fresh technology that could become as standard as a CD player in every automobile.
Monday, November 30, 2009
"Storage for Cars" by Alyssa Badaracco
Storage For Cars
New-Product Strategy:
Create storage units that are built in under the back of cars. They will take up less room, will cause less clutter, and will have easy access to retrieve stuff from.
Idea Generation:
I came up with this idea from the many times I have traveled with my little cousins. Kids always have lots of things with them, especially on long car trips, to keep them occupied. Having these storage units will especially help partents with younger, it will make travel alittle bit eaiser because they do not have to lug all the childs little things to and from the car, they can leave them stored neatly in the car. These storage unit would be great from anyone who travels alot and needs the extra space.
Idea Screening:
First I would make sure there is no other product like this already out. I have not seen anything exactly like this, but I would want to make sure. I know a lot of people especially with smaller cars would love this because you can always use the extra space when traveling. Plus parents would love this becasue it would make their life a little bit easier.
Business Anaylsis:
What is the likely demand of this product?
I think the demand for this product would be pretty good. The dmeand would mostly likely be highest among parents and frequent travlers. Although anyone that ones a car can find this quite useful.
Would current customers benefit from the product?
Yes, anyone who travels a lot and has limited space, would greatly benefit. Even people who do not travel a lot can still benefit, it is a great place to store things you may need but do not want to clutter up your back seat with.
How might competitors respond?
By installing similar storage units into their cars, maybe different styles or sizes. Something to make their car/storage units look better then others.
What is the risk of failure? Is the company willing to take the risk?
With any new product there is a risk of failure, but with this product I do not feel the risk is too high, which is why companies would be willing to take the risk. This product has a lower risk because it very useful and can be used by one with a car.
New-Product Strategy:
Create storage units that are built in under the back of cars. They will take up less room, will cause less clutter, and will have easy access to retrieve stuff from.
Idea Generation:
I came up with this idea from the many times I have traveled with my little cousins. Kids always have lots of things with them, especially on long car trips, to keep them occupied. Having these storage units will especially help partents with younger, it will make travel alittle bit eaiser because they do not have to lug all the childs little things to and from the car, they can leave them stored neatly in the car. These storage unit would be great from anyone who travels alot and needs the extra space.
Idea Screening:
First I would make sure there is no other product like this already out. I have not seen anything exactly like this, but I would want to make sure. I know a lot of people especially with smaller cars would love this because you can always use the extra space when traveling. Plus parents would love this becasue it would make their life a little bit easier.
Business Anaylsis:
What is the likely demand of this product?
I think the demand for this product would be pretty good. The dmeand would mostly likely be highest among parents and frequent travlers. Although anyone that ones a car can find this quite useful.
Would current customers benefit from the product?
Yes, anyone who travels a lot and has limited space, would greatly benefit. Even people who do not travel a lot can still benefit, it is a great place to store things you may need but do not want to clutter up your back seat with.
How might competitors respond?
By installing similar storage units into their cars, maybe different styles or sizes. Something to make their car/storage units look better then others.
What is the risk of failure? Is the company willing to take the risk?
With any new product there is a risk of failure, but with this product I do not feel the risk is too high, which is why companies would be willing to take the risk. This product has a lower risk because it very useful and can be used by one with a car.
"Create-A-Shoe" by Dale Baumes
“Create-A-Shoe”
The affordable way to own multiple pairs of shoes!
I believe that “Create-A-Shoe” is a good name for the product and the company because that is what the company is trying to sell.
New-Product Strategy:
The idea of this group of products is simple. We will sell different components to an everyday dress shoe. This will allow customers to mix and match different soles, or different colors for whatever occasion the client needs. This will make things very affordable for the customer because instead of buying ten different pairs of shoes, one can simply buy whatever color skin they need or whatever type of sole they need at literally half of the price.
Idea Generation:
Well I came up with this particular idea because I am definitely someone who likes footwear and thought there must be a cheaper way to have multiple pairs of dress shoes. There is also a similar product used in the sports world. Someone came up with interchangeable soccer cleats. For men, you generally only have a few different pairs, so ideally this product would be great and they would be able to save a good amount of money. Now for women, on the other hand, the options would be substantially greater from colors, to high or low heels, and as far as the material used for the shoe itself. In the end I feel it could be potentially cheaper for women as well though. Also, both types of shoes would be very durable, and say for instance the sole gets worn through, that is all you would need to replace. You would not have to throw the entire shoe away.
Idea Screening:
Idea screening for this product would not be very difficult. First, I would look in the market for similar products, which I stated above there is something similar in the sports world, and in using the same technology I am sure that a dress shoe would hold up very well. Also, I have talked to many men in the business world who go through shoes like water, and they claim that it would be great to have shoes with interchangeable parts. I mean I still would do much more research to see which market I would break into first, but I think almost any man would use them.
Business Analysis:
What is the likely demand of the product?
The demand for this product would probably be older men and women who have the need for multiple pairs of dress shoes. Any person in the business world or really anyone who has to dress business casual for work would definitely be in the market for our shoes.
What impact would the new product probably have on total sales, profits, market sales and return on investment?
This product is somewhat unique and I think introduction in to the market would be slow and strategic. I would slowly give my product to different people and get feedback and see if there can be any changes made to the product. After all the bugs are taken care of I will slow introduce them into the business world where mostly all sales will come from. Since the product is simply making a product better, I feel many people will be intrigued right from the start and it will not be difficult to sell. Also I will advertise with famous businessmen or famous shoe companies like Nike and use Tiger Woods or Michael Jordan in commercials. The possibilities are endless because I am simply making a commodity better, affordable, and on the cutting edge of technology. This product could last forever and could possibly change the shoe industry in a positive way. Also, since the components of the shoes are not really changing just simply coming together at the customers home. There will be very little costs in production, and be able to put most of the revenues into the products marketing.
How might competitors respond?
I feel that the competition will be very similar to that of the present shoe world. I mean our product is entirely different, but it is still a shoe in the end and people will have to decide which they prefer. Competitors may also try to join in on the new technology which is great for competition because it spurs many new creative ideas and could potentially change our plan in the end. Healthy competition never hurt anyone.
What is the risk of failure? Is the company willing to take the risk?
I do not really see any risk of failure. Worst case scenario is that nobody will be interested in the product and the product will be discontinued and our company will take a hit of a few thousand dollars, that’s business. On the other hand I would do much research on my own and make sure that the money I invest is secure and do whatever it takes to keep the business alive. As I said before production costs should be very low so another option when starting up would be to manufacture what is needed and not have a warehouse full of goods that could potentially not be needed. I feel with the economy the way it is today many will be very interested in saving some money and receiving a quality product with interchangeable parts.
Development:
When it comes to the development end of this particular product should be very cut and dry especially since the product already exist. I mean in theory the product should work wonderfully, but I think developing a women’s line will be slightly more difficult. I think it may be tough making it universal. I think both shoe lines are plausible though, and with some work and research should not take long to develop.
Test Marketing:
Well like I stated before we should start out small and see if people will actually wear and utilize the interchangeable parts of the shoes. Once some research is done we can slowly introduce the product into the business world, where many men and women should like the idea and be happy to wear them. Also, we could give special rates to the first pairs in the market or sell two colors for the price of one.
Commercialization:
I think if everything goes well at the test phase and introduction phase the possibilities are endless for where this product can go. I think potentially we can look globally and sell throughout Europe and Asia. Hopefully we will be able to expand our inventory, and also come out with new technology and a better product as the years go by.
The affordable way to own multiple pairs of shoes!
I believe that “Create-A-Shoe” is a good name for the product and the company because that is what the company is trying to sell.
New-Product Strategy:
The idea of this group of products is simple. We will sell different components to an everyday dress shoe. This will allow customers to mix and match different soles, or different colors for whatever occasion the client needs. This will make things very affordable for the customer because instead of buying ten different pairs of shoes, one can simply buy whatever color skin they need or whatever type of sole they need at literally half of the price.
Idea Generation:
Well I came up with this particular idea because I am definitely someone who likes footwear and thought there must be a cheaper way to have multiple pairs of dress shoes. There is also a similar product used in the sports world. Someone came up with interchangeable soccer cleats. For men, you generally only have a few different pairs, so ideally this product would be great and they would be able to save a good amount of money. Now for women, on the other hand, the options would be substantially greater from colors, to high or low heels, and as far as the material used for the shoe itself. In the end I feel it could be potentially cheaper for women as well though. Also, both types of shoes would be very durable, and say for instance the sole gets worn through, that is all you would need to replace. You would not have to throw the entire shoe away.
Idea Screening:
Idea screening for this product would not be very difficult. First, I would look in the market for similar products, which I stated above there is something similar in the sports world, and in using the same technology I am sure that a dress shoe would hold up very well. Also, I have talked to many men in the business world who go through shoes like water, and they claim that it would be great to have shoes with interchangeable parts. I mean I still would do much more research to see which market I would break into first, but I think almost any man would use them.
Business Analysis:
What is the likely demand of the product?
The demand for this product would probably be older men and women who have the need for multiple pairs of dress shoes. Any person in the business world or really anyone who has to dress business casual for work would definitely be in the market for our shoes.
What impact would the new product probably have on total sales, profits, market sales and return on investment?
This product is somewhat unique and I think introduction in to the market would be slow and strategic. I would slowly give my product to different people and get feedback and see if there can be any changes made to the product. After all the bugs are taken care of I will slow introduce them into the business world where mostly all sales will come from. Since the product is simply making a product better, I feel many people will be intrigued right from the start and it will not be difficult to sell. Also I will advertise with famous businessmen or famous shoe companies like Nike and use Tiger Woods or Michael Jordan in commercials. The possibilities are endless because I am simply making a commodity better, affordable, and on the cutting edge of technology. This product could last forever and could possibly change the shoe industry in a positive way. Also, since the components of the shoes are not really changing just simply coming together at the customers home. There will be very little costs in production, and be able to put most of the revenues into the products marketing.
How might competitors respond?
I feel that the competition will be very similar to that of the present shoe world. I mean our product is entirely different, but it is still a shoe in the end and people will have to decide which they prefer. Competitors may also try to join in on the new technology which is great for competition because it spurs many new creative ideas and could potentially change our plan in the end. Healthy competition never hurt anyone.
What is the risk of failure? Is the company willing to take the risk?
I do not really see any risk of failure. Worst case scenario is that nobody will be interested in the product and the product will be discontinued and our company will take a hit of a few thousand dollars, that’s business. On the other hand I would do much research on my own and make sure that the money I invest is secure and do whatever it takes to keep the business alive. As I said before production costs should be very low so another option when starting up would be to manufacture what is needed and not have a warehouse full of goods that could potentially not be needed. I feel with the economy the way it is today many will be very interested in saving some money and receiving a quality product with interchangeable parts.
Development:
When it comes to the development end of this particular product should be very cut and dry especially since the product already exist. I mean in theory the product should work wonderfully, but I think developing a women’s line will be slightly more difficult. I think it may be tough making it universal. I think both shoe lines are plausible though, and with some work and research should not take long to develop.
Test Marketing:
Well like I stated before we should start out small and see if people will actually wear and utilize the interchangeable parts of the shoes. Once some research is done we can slowly introduce the product into the business world, where many men and women should like the idea and be happy to wear them. Also, we could give special rates to the first pairs in the market or sell two colors for the price of one.
Commercialization:
I think if everything goes well at the test phase and introduction phase the possibilities are endless for where this product can go. I think potentially we can look globally and sell throughout Europe and Asia. Hopefully we will be able to expand our inventory, and also come out with new technology and a better product as the years go by.
Sunday, November 29, 2009
"Digi-Wall" Michael Rogers
(Digital Wall Planner)
I believe that “Digi-Wall” is a good choice in a name because it makes the product seem advanced and technical.
New-product Strategy
Create and sell a digital wall planner. This device uses the technology that SMART boards and Digital Frames use. It allows you to upload plans, images, or papers to be displayed through a monitor on the wall. This product uses low scale technology and is affordable.
Idea generation
I bought a regular erasable marker whiteboard for my room to create a simple to-do list and stay organized. I can’t stand it because it’s usually sloppy and really doesn’t present my list of goals in an attractive form. I believe that it would be much better to have a board that you can simply upload data that you have created from your computer (putting it on a thumb drive and then attaching it to the Digital Wall Planner or possibly in the future sending it wirelessly).
Idea screening
Idea screening for this product would include a couple of things. First of all we would need to see if this product has been created already. Through my research I have found a couple items that do the same thing but in different ways. I would want my product to be more customized, I would want it consume less energy and be very affordable. I’ve asked a couple of people if they would be interested and this does seem unfavorable unless the person is into technology considering the responses I got.
Business Analysis
· What is the likely demand for this product?
The demand for this product comes from college students and employees that deal with a large work flow. Anyone that deals with technology on a day to day basis will want this product because they most likely surround themselves with technology.
· What impact would the new product probably have on total sales, profits, market sales, and return on investment?
This product would do well with sales because of Christmas coming up. It is a cheap product that looks expensive. This is a product that will sell well to college students trying to impress their friends. The return on investment will not be high unless the product has high sales. The lifespan of this product isn’t that long because it will be outdated within a year and also re-engineered.
· How might competitors respond?
Competitors will respond by creating cheaper products that do the same thing. They will also start looking for options that customers would like down the road.
· What is the risk of failure? Is the company willing to take the risk?
The risk of failure is that no one really wants the product and it will be removed from the shelves. This is an all or nothing product so it’s a very risky investment. But the economy is hurting which may help the company sell their product because it is a cheap technological gift.
Development
The development of this product would include using existing technology and simplifying it. By using the same technology Digital Frames use it would be realistic to create this product. It is basically a larger Digital Frame with a couple more options.
Test Marketing
The way we would test the marketing of this product is by starting out selling it to business corporations and colleges. If it sells well at these locations it should do well in stores.
Commercialization
If everything went well at the corporations and colleges we would put this item on the market. We would set on a certain number of products to sell at first them hopefully extend our inventory.
I believe that “Digi-Wall” is a good choice in a name because it makes the product seem advanced and technical.
New-product Strategy
Create and sell a digital wall planner. This device uses the technology that SMART boards and Digital Frames use. It allows you to upload plans, images, or papers to be displayed through a monitor on the wall. This product uses low scale technology and is affordable.
Idea generation
I bought a regular erasable marker whiteboard for my room to create a simple to-do list and stay organized. I can’t stand it because it’s usually sloppy and really doesn’t present my list of goals in an attractive form. I believe that it would be much better to have a board that you can simply upload data that you have created from your computer (putting it on a thumb drive and then attaching it to the Digital Wall Planner or possibly in the future sending it wirelessly).
Idea screening
Idea screening for this product would include a couple of things. First of all we would need to see if this product has been created already. Through my research I have found a couple items that do the same thing but in different ways. I would want my product to be more customized, I would want it consume less energy and be very affordable. I’ve asked a couple of people if they would be interested and this does seem unfavorable unless the person is into technology considering the responses I got.
Business Analysis
· What is the likely demand for this product?
The demand for this product comes from college students and employees that deal with a large work flow. Anyone that deals with technology on a day to day basis will want this product because they most likely surround themselves with technology.
· What impact would the new product probably have on total sales, profits, market sales, and return on investment?
This product would do well with sales because of Christmas coming up. It is a cheap product that looks expensive. This is a product that will sell well to college students trying to impress their friends. The return on investment will not be high unless the product has high sales. The lifespan of this product isn’t that long because it will be outdated within a year and also re-engineered.
· How might competitors respond?
Competitors will respond by creating cheaper products that do the same thing. They will also start looking for options that customers would like down the road.
· What is the risk of failure? Is the company willing to take the risk?
The risk of failure is that no one really wants the product and it will be removed from the shelves. This is an all or nothing product so it’s a very risky investment. But the economy is hurting which may help the company sell their product because it is a cheap technological gift.
Development
The development of this product would include using existing technology and simplifying it. By using the same technology Digital Frames use it would be realistic to create this product. It is basically a larger Digital Frame with a couple more options.
Test Marketing
The way we would test the marketing of this product is by starting out selling it to business corporations and colleges. If it sells well at these locations it should do well in stores.
Commercialization
If everything went well at the corporations and colleges we would put this item on the market. We would set on a certain number of products to sell at first them hopefully extend our inventory.
Monday, November 23, 2009
Lisa Lowe Calorie Intake Counter
Problem- I need a better product to count my daily calorie intake. There are internet sites that I have used in the past but I don't have access to a computer at all times. There is also an App on the Iphone to count calories but I don't have a few hundred dollars to spend on a phone and then pay extra for the App.
Idea- A hand held product that will look like a blackberry or an Iphone just without all the technology.
Business Analysis (Questions page 151)
What is the likely demand for this product?
I believe that both men and women who exercise and want to keep track of their daily calorie intake will purchase a product like this.
What impact would the new product have on total sales/profits?
I believe that this product would do well with people who need a better solution to counting calories. The product just needs to be at the right price.
Would current customer benefit from the product?
I think the customer would benefit from it. They can check to see how many calories they are actually taking in on a daily basis. Some of them would probably be shocked. The Iphone does have an App for you calories but you need to pay extra for it.
Would the product enhance the image of a company's overall product mix?
Yes
Would the new product affect current employees in any way?
I don't think the new product would affect current employees because if they have the Iphone and decide to purchase this product they still need to use their phone for everything else.
How might competitors respond?
A competitor can change the product to work differently can change the product or add a simple detail and sell it at a cheaper price.
What is the rick of failure?
There is always a risk for a new product but that is the chance you will have to take.
Idea- A hand held product that will look like a blackberry or an Iphone just without all the technology.
Business Analysis (Questions page 151)
What is the likely demand for this product?
I believe that both men and women who exercise and want to keep track of their daily calorie intake will purchase a product like this.
What impact would the new product have on total sales/profits?
I believe that this product would do well with people who need a better solution to counting calories. The product just needs to be at the right price.
Would current customer benefit from the product?
I think the customer would benefit from it. They can check to see how many calories they are actually taking in on a daily basis. Some of them would probably be shocked. The Iphone does have an App for you calories but you need to pay extra for it.
Would the product enhance the image of a company's overall product mix?
Yes
Would the new product affect current employees in any way?
I don't think the new product would affect current employees because if they have the Iphone and decide to purchase this product they still need to use their phone for everything else.
How might competitors respond?
A competitor can change the product to work differently can change the product or add a simple detail and sell it at a cheaper price.
What is the rick of failure?
There is always a risk for a new product but that is the chance you will have to take.
Sunday, November 22, 2009
Kim Jasikoff-The Remote Light Switch
Kim Jasikoff “The Remote Light Switch”
Turn your lights on from the safety of your car.
Problem-New Product Strategy
The problem I though of was when I pull up to my dark house I night I just hate going inside with the house so dark and walking across the room to turn a light on. So my solution is to create remote light switch to turn the lights on in my house from my car when I pull into the drive way.
Idea Screening
To create a remote a lot like a guarged door opener that can turn on lights inside. This would most likely be linked to a box inside that would be a lot like a three way switch in must homes and flick the designated lights on when the remote is hit. It could also control exterior lights as well. I would need to make sure there weren’t any patents already in existence. This product could be made in many ways and I would really have to determine how user friendly I would want to make this product.
Business Analysis (Questions pg 151)
What is the likely demand for this product?
I believe must women that either live alone or go home to an empty house would be a definite candidate for this product.
What impact would the new product have on total sales/ profits?
I think this product could do very well as long as it is inexpensive and easy to install.
Would current customer benefit from the product?
Yes, their really isn’t many products that I know that are like this so this many have a lot of market potential.
Would the product enhance the image of the company’s overall product mix?
Yes this would be an original product that would be different from anything the company offers.
Would the new product affect current employees in any way?
This product could be produced by any manufacturing company that currently makes remotes for garage doors so it would effect any current employees and would effect them in the knowledge or training they need.
How might competitors respond?
Competitors would try and make a similar product or something that may be more effective at solving the consumer’s problems
What is the risk of failure?
There is probably I high risk of failure since this is a new product that has no market penetration or banding. It will depend highly on marketing to get the work out about this product and get consumers to find this product and realizes they need one.
Turn your lights on from the safety of your car.
Problem-New Product Strategy
The problem I though of was when I pull up to my dark house I night I just hate going inside with the house so dark and walking across the room to turn a light on. So my solution is to create remote light switch to turn the lights on in my house from my car when I pull into the drive way.
Idea Screening
To create a remote a lot like a guarged door opener that can turn on lights inside. This would most likely be linked to a box inside that would be a lot like a three way switch in must homes and flick the designated lights on when the remote is hit. It could also control exterior lights as well. I would need to make sure there weren’t any patents already in existence. This product could be made in many ways and I would really have to determine how user friendly I would want to make this product.
Business Analysis (Questions pg 151)
What is the likely demand for this product?
I believe must women that either live alone or go home to an empty house would be a definite candidate for this product.
What impact would the new product have on total sales/ profits?
I think this product could do very well as long as it is inexpensive and easy to install.
Would current customer benefit from the product?
Yes, their really isn’t many products that I know that are like this so this many have a lot of market potential.
Would the product enhance the image of the company’s overall product mix?
Yes this would be an original product that would be different from anything the company offers.
Would the new product affect current employees in any way?
This product could be produced by any manufacturing company that currently makes remotes for garage doors so it would effect any current employees and would effect them in the knowledge or training they need.
How might competitors respond?
Competitors would try and make a similar product or something that may be more effective at solving the consumer’s problems
What is the risk of failure?
There is probably I high risk of failure since this is a new product that has no market penetration or banding. It will depend highly on marketing to get the work out about this product and get consumers to find this product and realizes they need one.
Friday, November 20, 2009
"Magnetic Window Blinds For Steel Doors" Maria Young
New Product Strategy
To create a magnetic blind that don't require drilling wholes in a steel door. Unlike blinds today you have to drill wholes in the door and it is very time consuming, also drilling through steel is hard.Imagine the elegance of mini blinds without the hassle of drilling holes in your steel doors.Magnetic Mini Blinds are easy to use and beautiful to look at.
Idea Generation
I bought a steel door with a window in it. Didn't want to put wholes in my new door. Went to walmart all they had was a magnetic curtain rod. Bought the magnetic curtain rod and two different curtains that don't match because the curtain for my window requires a bigger size then the door. I said to my self it would make since if they just sold a magnetic blind.
Idea Screening
Produce the idea research if there's a patent already in existence. Survey People that have steel doors to see what there inputs are on the new product ask them if they would use the magnetic blind on there steel door and there opinion on the new product being offered.What parts will be magnetic? will this product require no drilling? will this product be hassle free?
Business Analysis (Questions pg 151)
What is the likely demand for this product?
This product would be wanted by people who have steel doors for there homes. People that are bothered by there curtains not matching.
What impact would the new product have on total sales/ profits?
I think the product would do well there is an increase in steel doors for homes rather than wood doors.
Would current customer benefit from the product?
Magnetic window blinds offer the beauty, privacy and convenience of regular mini blinds without the permanent holes in your steel door.
Magnetic window blinds work just like standard mini blinds.
Magnetic Mini Blinds require minimal installation.
Would the product enhance the image of the company’s overall product mix?
Yes
Would the new product affect current employees in any way?
This wouldn't be a new product it is just simply making magnetic brackets for the blinds instead of the brackets you have to drill in the door. New training techniques on how to make the new brackets and fitting it in the manufacturing schedule.
How might competitors respond?
They might try to produce the same product either cheaper or more expensive so there is going to be competition.
What is the risk of failure?
There is always risk you have to take but, the window blinds company I think would benefit now there satisfying all there customers.
To create a magnetic blind that don't require drilling wholes in a steel door. Unlike blinds today you have to drill wholes in the door and it is very time consuming, also drilling through steel is hard.Imagine the elegance of mini blinds without the hassle of drilling holes in your steel doors.Magnetic Mini Blinds are easy to use and beautiful to look at.
Idea Generation
I bought a steel door with a window in it. Didn't want to put wholes in my new door. Went to walmart all they had was a magnetic curtain rod. Bought the magnetic curtain rod and two different curtains that don't match because the curtain for my window requires a bigger size then the door. I said to my self it would make since if they just sold a magnetic blind.
Idea Screening
Produce the idea research if there's a patent already in existence. Survey People that have steel doors to see what there inputs are on the new product ask them if they would use the magnetic blind on there steel door and there opinion on the new product being offered.What parts will be magnetic? will this product require no drilling? will this product be hassle free?
Business Analysis (Questions pg 151)
What is the likely demand for this product?
This product would be wanted by people who have steel doors for there homes. People that are bothered by there curtains not matching.
What impact would the new product have on total sales/ profits?
I think the product would do well there is an increase in steel doors for homes rather than wood doors.
Would current customer benefit from the product?
Magnetic window blinds offer the beauty, privacy and convenience of regular mini blinds without the permanent holes in your steel door.
Magnetic window blinds work just like standard mini blinds.
Magnetic Mini Blinds require minimal installation.
Would the product enhance the image of the company’s overall product mix?
Yes
Would the new product affect current employees in any way?
This wouldn't be a new product it is just simply making magnetic brackets for the blinds instead of the brackets you have to drill in the door. New training techniques on how to make the new brackets and fitting it in the manufacturing schedule.
How might competitors respond?
They might try to produce the same product either cheaper or more expensive so there is going to be competition.
What is the risk of failure?
There is always risk you have to take but, the window blinds company I think would benefit now there satisfying all there customers.
Thursday, November 19, 2009
"The Fannie" Chris Cercone
“The Fannie”Fan cleaning wand vacuum attachment
Idea Generation
Problem: Ceiling fan blades get dirty, since most of the dirt and dust are concentrated on the top of the blades where it is hard to see, we tend to put off dusting these areas. There are currently products on the market to help with this problem however, they are typically very rickety, hard to maneuver, and the dust will usually fall in your face.
Idea Screening
Why did I think of this idea? One day while performing my husbandly duty of dusting the living room where we have three ceiling fans I figured it was time for the semi-annual fan cleaning. While standing on a chair with a broomstick fan cleaning wand in hand I proceeded to clean the blade, I was instantly peppered in the face with a herd of dust bunnies. After some cursing, and wiping my eyes, I thought “this wand sucks”. By George I’ve got it! Can’t someone make a fan cleaning wand that extends, and attaches to your shop-vac? And well made too. After some research I found that there are no companies that make such product.
Business Analysis (Questions from page 151)
What is the likely demand for this product?
I believe this product would be wanted by any household that has ceiling fans, especially fans that are higher and out of reach. People with allergies would have a better, cleaner, and safer way to rid themselves of dust.
What impact would the new product have on total sales/ profits?
I believe that the Fannie would definitely be welcomed and the innovation is cutting edge as there are no others like it.
Would current customer benefit from the product?
Yes, while people are in cleaning mode they can easily attach the Fannie and quickly clean stubborn fan blades that are typically left un-cleaned because of the amount of time and effort entailed.
Would the product enhance the image of the company’s overall product mix?
Yes
Would the new product affect current employees in any way?
This would be a new company so if the demand for the Fannie was sufficient enough that I could not meet the public demand, I would have to hire employees to help manufacture. If the demand required, I would open a facility in an opportunity zone to defer property taxes and benefit from the incentives offered by the local community.
How might competitors respond?
With the success of the product I believe that there would be competition. Other manufacturers would have to be competitive in order to try and retain their customer base.
What is the risk of failure?
As with any product or company there is always a risk. I would start small with internet and catalog orders only at first, and if interest is sparked base projections accordingly.
Idea Generation
Problem: Ceiling fan blades get dirty, since most of the dirt and dust are concentrated on the top of the blades where it is hard to see, we tend to put off dusting these areas. There are currently products on the market to help with this problem however, they are typically very rickety, hard to maneuver, and the dust will usually fall in your face.
Idea Screening
Why did I think of this idea? One day while performing my husbandly duty of dusting the living room where we have three ceiling fans I figured it was time for the semi-annual fan cleaning. While standing on a chair with a broomstick fan cleaning wand in hand I proceeded to clean the blade, I was instantly peppered in the face with a herd of dust bunnies. After some cursing, and wiping my eyes, I thought “this wand sucks”. By George I’ve got it! Can’t someone make a fan cleaning wand that extends, and attaches to your shop-vac? And well made too. After some research I found that there are no companies that make such product.
Business Analysis (Questions from page 151)
What is the likely demand for this product?
I believe this product would be wanted by any household that has ceiling fans, especially fans that are higher and out of reach. People with allergies would have a better, cleaner, and safer way to rid themselves of dust.
What impact would the new product have on total sales/ profits?
I believe that the Fannie would definitely be welcomed and the innovation is cutting edge as there are no others like it.
Would current customer benefit from the product?
Yes, while people are in cleaning mode they can easily attach the Fannie and quickly clean stubborn fan blades that are typically left un-cleaned because of the amount of time and effort entailed.
Would the product enhance the image of the company’s overall product mix?
Yes
Would the new product affect current employees in any way?
This would be a new company so if the demand for the Fannie was sufficient enough that I could not meet the public demand, I would have to hire employees to help manufacture. If the demand required, I would open a facility in an opportunity zone to defer property taxes and benefit from the incentives offered by the local community.
How might competitors respond?
With the success of the product I believe that there would be competition. Other manufacturers would have to be competitive in order to try and retain their customer base.
What is the risk of failure?
As with any product or company there is always a risk. I would start small with internet and catalog orders only at first, and if interest is sparked base projections accordingly.
Sunday, March 1, 2009
Express Dry By Patricia Gleich
Express Dry
In today's society beauty is a major factor, you can't watch TV or listen to the radio without hearing or seeing some type of advertisement about it. No wonder women are obsessed with it. Fitness classes, diets, hair appointments, facials, tanning, and of course pedicures and manicures, all of these require time. Salon and spas in this day and age are like a woman's second home. My product targets the nail aspect of the beauty world. Ask any women who gets pedicures or her nails done, what is the the worst part of the process? Most will agree, drying time! Express Dry eliminates that. In a non-stop world we feel a need for fast pace everything! So when it comes to a women and her needs to feel beautiful why not create a product that's just as fast pace and she is?
NEW PRODUCT STRATEGY:
Create a top coat and dryer that once in contact with one another instantly dries and hardens within 30 seconds unlike machines used now that can take up to 5 minutes or more. It will also compete with the gel top coat and hardener that takes up to 3 minutes and cost more to have applied to your nails.
IDEA GENERATION:
To generate and produce ideas first research will be done to see what is currently on the marketplace. Also patents will be checked to see if this idea is existing or in the making. Surveys at salons nationwide through emails, mail, and phone calls will be taken to see what their input is on the product and if they would use it in their salons. Network the company as much as possible and get opinions from the consumers on current products that being used in salons and opinions on Express Dry.
IDEA SCREENING:
What will make up the top coat? Will it be safe? What type of bulbs will be used in the dryer UV, or other? Will the dryer be a single machine or one unit that more than one person can dry under? Who will the generated product be tested on? A concept test will be done an alternatives will be considered to get the right product for success.
BUSINESS ANALYSIS: Questions to be asked during this stage:
TEST MARKETING: Test marketing will be done once it is safe by letting existing salons in the area try the prototype and get the feedback from both the salon employees and costumers.
COMMERCIALIZATION: In the final stage, the company will put together a solid marketing plan. Mentioned earlier there will be a vast amount of advertising, networking, and promoting through the Internet, mail, and telecommunications. Also larger, more prominent salons will be visited with the product for them to see it and try it. The product will be shown at seminars and functions in the beauty world. Equipment and materials will be ordered, manufacturing will begin, inventory will be built and EXPRESS DRY will be born.
In today's society beauty is a major factor, you can't watch TV or listen to the radio without hearing or seeing some type of advertisement about it. No wonder women are obsessed with it. Fitness classes, diets, hair appointments, facials, tanning, and of course pedicures and manicures, all of these require time. Salon and spas in this day and age are like a woman's second home. My product targets the nail aspect of the beauty world. Ask any women who gets pedicures or her nails done, what is the the worst part of the process? Most will agree, drying time! Express Dry eliminates that. In a non-stop world we feel a need for fast pace everything! So when it comes to a women and her needs to feel beautiful why not create a product that's just as fast pace and she is?
NEW PRODUCT STRATEGY:
Create a top coat and dryer that once in contact with one another instantly dries and hardens within 30 seconds unlike machines used now that can take up to 5 minutes or more. It will also compete with the gel top coat and hardener that takes up to 3 minutes and cost more to have applied to your nails.
IDEA GENERATION:
To generate and produce ideas first research will be done to see what is currently on the marketplace. Also patents will be checked to see if this idea is existing or in the making. Surveys at salons nationwide through emails, mail, and phone calls will be taken to see what their input is on the product and if they would use it in their salons. Network the company as much as possible and get opinions from the consumers on current products that being used in salons and opinions on Express Dry.
IDEA SCREENING:
What will make up the top coat? Will it be safe? What type of bulbs will be used in the dryer UV, or other? Will the dryer be a single machine or one unit that more than one person can dry under? Who will the generated product be tested on? A concept test will be done an alternatives will be considered to get the right product for success.
BUSINESS ANALYSIS: Questions to be asked during this stage:
- What is the likely demand for the product? Due to the fact that currently there is no other product on the market that dries as fast, Express Dry once introduced to the nail circuit will be in high demand.
- What impact would the new product probably have on total sales, profits, market share, and return on investment? Since the product is one of a kind at this point, my competition will be low. The machine will be priced accordingly and the top coat will be very inexpensive. Salons will be the ones purchasing the product from me, there are thousands of salons nationwide and if I could get my hands on even just the product will be very profitable. In result the money invested will quickly be accounted for.
- How would the introduction of the product affect existing products? Would the new product cannibalize existing products? I believe once this product becomes known amongst the nail circuit it will quickly be on top. Short-term I don't think it will cannibalize existing products but long-term it absolutely will. Why would a salon have a machine that takes up to five minutes to dry nails verse a machine that takes 30 seconds?
- Would current customers benefit from the product? Yes
- Would the product enhance the image of the company's overall product mix? Yes
- Would the new product affect current employees in any way? Would it lead to increasing or reducing the size of the workforce? Given that this is a new product, employees will benefit because its an opportunity.
- What new facilities, if any, would be needed? A place to manufacture the product will be needed, equipment, and employees.
- How might competitors respond? They would have to respond by improving their already existing products by making the drying time less.
- What is the risk of failure? Is the company willing to take the risk? With everything comes risk, you just have to be willing to take it and as a new company failure is always a big factor. Salons could reject the product and keep what they have. New companies have to take risk in order to succeed, so yes were willing.
TEST MARKETING: Test marketing will be done once it is safe by letting existing salons in the area try the prototype and get the feedback from both the salon employees and costumers.
COMMERCIALIZATION: In the final stage, the company will put together a solid marketing plan. Mentioned earlier there will be a vast amount of advertising, networking, and promoting through the Internet, mail, and telecommunications. Also larger, more prominent salons will be visited with the product for them to see it and try it. The product will be shown at seminars and functions in the beauty world. Equipment and materials will be ordered, manufacturing will begin, inventory will be built and EXPRESS DRY will be born.
Monday, February 23, 2009
Internal Emergency Back-Up Battery
Internal Emergency Back-Up Battery
Problem: Cell phones are great and very convenient, but there are days when we FORGET to charge them, or days when the battery seems to run out faster than it should. Of course on days when your cell phone is not charged properly, you end up having an emergency. For example, you’re on a long road trip and your car breaks down or maybe you slid off the road and damaged your car. Or, it could be something more serious than that, such as you have just gotten robbed or even worse, taken unwillingly.
Idea Screening
Although cell phones warn you about their battery dying soon, many people don’t save that last bit for a ‘just in case’ emergency. I think it would be interesting if I could sell my idea to cell phone companies. My idea is to have your regular, ‘main’ battery and also a much smaller battery located on the cell phone. These batteries would cost around $10 to get them re-charged and so people can’t take advantage of them. There is a specific RED button on the phone to activate the extra battery in case of this emergency. I’m sure people would be willing to pay $10 to get these batteries charged up for the ‘just in case’ emergency.
What made me think of this idea? Often times, I forget to charge my phone. I’ll have battery in the beginning of my work/school shift, but by the end, I’ll have no power at all. On my ride home I think to myself, “What if something were to happen to my car or to myself?” How would I get a hold of someone?” Therefore, with this extra backup battery, I would feel safer because, just in case something were to happen, I could activate my smaller battery and call someone immediately.
Business Analysis (Questions from page 151)
What is the likely demand for this product? I think it would be pretty high for women. But, if it is in all cell phones, the demand would be high throughout society.
What impact would the new product have on total sales/profits? I think it would have a decent impact. People buy cell phones not only to talk, but to have for those ‘just in case’ emergencies. But, a lot of people use them to talk, and use all the battery and therefore need that extra burst of battery for that one occasion when you will really NEED it.
Would current customers benefit from the product? It depends upon how the cell phone company’s would manage the new product.
Would the product enhance the image of the company’s overall product mix? Yes
What new facilities, would be needed? I don’t think any new facilities would be needed. Individuals would just have to go to their local cell phone companies store, in order to re-charge the backup battery for a fee.
How might competitors respond? I think that this idea would be a pretty big hit. I know that if my cell phone company was offering something like this, I would grab it.
What is the risk of failure? That is another thing that depends upon the cell phone company that buys the idea from me.
- Improvement of an existing product (cell phones of all brands)
Problem: Cell phones are great and very convenient, but there are days when we FORGET to charge them, or days when the battery seems to run out faster than it should. Of course on days when your cell phone is not charged properly, you end up having an emergency. For example, you’re on a long road trip and your car breaks down or maybe you slid off the road and damaged your car. Or, it could be something more serious than that, such as you have just gotten robbed or even worse, taken unwillingly.
Idea Screening
Although cell phones warn you about their battery dying soon, many people don’t save that last bit for a ‘just in case’ emergency. I think it would be interesting if I could sell my idea to cell phone companies. My idea is to have your regular, ‘main’ battery and also a much smaller battery located on the cell phone. These batteries would cost around $10 to get them re-charged and so people can’t take advantage of them. There is a specific RED button on the phone to activate the extra battery in case of this emergency. I’m sure people would be willing to pay $10 to get these batteries charged up for the ‘just in case’ emergency.
What made me think of this idea? Often times, I forget to charge my phone. I’ll have battery in the beginning of my work/school shift, but by the end, I’ll have no power at all. On my ride home I think to myself, “What if something were to happen to my car or to myself?” How would I get a hold of someone?” Therefore, with this extra backup battery, I would feel safer because, just in case something were to happen, I could activate my smaller battery and call someone immediately.
Business Analysis (Questions from page 151)
What is the likely demand for this product? I think it would be pretty high for women. But, if it is in all cell phones, the demand would be high throughout society.
What impact would the new product have on total sales/profits? I think it would have a decent impact. People buy cell phones not only to talk, but to have for those ‘just in case’ emergencies. But, a lot of people use them to talk, and use all the battery and therefore need that extra burst of battery for that one occasion when you will really NEED it.
Would current customers benefit from the product? It depends upon how the cell phone company’s would manage the new product.
Would the product enhance the image of the company’s overall product mix? Yes
What new facilities, would be needed? I don’t think any new facilities would be needed. Individuals would just have to go to their local cell phone companies store, in order to re-charge the backup battery for a fee.
How might competitors respond? I think that this idea would be a pretty big hit. I know that if my cell phone company was offering something like this, I would grab it.
What is the risk of failure? That is another thing that depends upon the cell phone company that buys the idea from me.
Sunday, February 22, 2009
Clear Plastic Organizer Handbag Insert by Sue Musheno
New Product Development Process for the “Clear Plastic Handbag Insert"
New-Product Strategy: Women buy an array of handbags in different colors and styles to coordinate with their outfits. The problem is that busy moms or career women strapped for time can find switching bags a time-consuming chore. Some days, as I get ready to walk out the door to work, I realize all my “stuff” is in the wrong colored purse. My only option so far has been to dump the contents from one purse into another. This disorganized way of changing from purse to purse has left me rifling though messy contents of what seems like a deep, dark abyss to find a pen, keys, lip gloss, or any other number of important items that I must carry with me each day. A woman has got to have a matching handbag, but how can we simplify our lives to make changing from one purse to another an easy, simple task before running out the door. One solution is a clear handbag insert that can be easily lifted out of one purse and placed in another while keeping the contents organized in pockets.
Idea Generation: The wants and needs of customers should generate the concept for a new product. To this end, I will conduct surveys and convene focus groups. By surveying busy, career women and moms about their need for quick handbag changes each day, I will attempt to find out if a clear plastic handbag insert will meet consumer needs. Insert sizes will be discussed, as well as attractive, colored ribbon trims. Questions will be asked as to what items women typically carry in their bags to determine how many and what sized pockets would be most useful for items such as cell phones, tissue packets, checkbook, pen, etc. In addition, competition will be investigated. An online search showed that there are a few options already on the market for purse organizer/inserts. Most are large, bulky solid-colored inserts and can be quite expensive. An attempt will be made to distinguish our inserts from those already on the market. Vendors will be sought, in particular, specialty stores who feature Vera Bradley handbags, since our clear insert will complement the interior bags of that line’s brightly colored and popular designs.
Idea Screening: In this first filter of the product development I will conduct a concept test to evaluate our clear inserts for handbags. Descriptions and visual illustrations produced as a result of the idea generation stage will be presented for consumer reactions.
Business Analysis: In this second stage of the screening process I will determine preliminary figures for demand, cost, sales, and profitability. A purse insert is a fairly simple product to assemble; however, advice will be sought from consultants regarding the use of vinyl, plastic, or the newer polyethylene vinyl acetate (PEVA). Keeping costs in mind, the most environment friendly substance will be sought. Sales prices for our product will be weighed against the costs of materials needed in manufacturing and the current economic trends to determine possible range of profits. The following points will be considered in this stage:
New-Product Strategy: Women buy an array of handbags in different colors and styles to coordinate with their outfits. The problem is that busy moms or career women strapped for time can find switching bags a time-consuming chore. Some days, as I get ready to walk out the door to work, I realize all my “stuff” is in the wrong colored purse. My only option so far has been to dump the contents from one purse into another. This disorganized way of changing from purse to purse has left me rifling though messy contents of what seems like a deep, dark abyss to find a pen, keys, lip gloss, or any other number of important items that I must carry with me each day. A woman has got to have a matching handbag, but how can we simplify our lives to make changing from one purse to another an easy, simple task before running out the door. One solution is a clear handbag insert that can be easily lifted out of one purse and placed in another while keeping the contents organized in pockets.
Idea Generation: The wants and needs of customers should generate the concept for a new product. To this end, I will conduct surveys and convene focus groups. By surveying busy, career women and moms about their need for quick handbag changes each day, I will attempt to find out if a clear plastic handbag insert will meet consumer needs. Insert sizes will be discussed, as well as attractive, colored ribbon trims. Questions will be asked as to what items women typically carry in their bags to determine how many and what sized pockets would be most useful for items such as cell phones, tissue packets, checkbook, pen, etc. In addition, competition will be investigated. An online search showed that there are a few options already on the market for purse organizer/inserts. Most are large, bulky solid-colored inserts and can be quite expensive. An attempt will be made to distinguish our inserts from those already on the market. Vendors will be sought, in particular, specialty stores who feature Vera Bradley handbags, since our clear insert will complement the interior bags of that line’s brightly colored and popular designs.
Idea Screening: In this first filter of the product development I will conduct a concept test to evaluate our clear inserts for handbags. Descriptions and visual illustrations produced as a result of the idea generation stage will be presented for consumer reactions.
Business Analysis: In this second stage of the screening process I will determine preliminary figures for demand, cost, sales, and profitability. A purse insert is a fairly simple product to assemble; however, advice will be sought from consultants regarding the use of vinyl, plastic, or the newer polyethylene vinyl acetate (PEVA). Keeping costs in mind, the most environment friendly substance will be sought. Sales prices for our product will be weighed against the costs of materials needed in manufacturing and the current economic trends to determine possible range of profits. The following points will be considered in this stage:
- Demand for a vinyl handbag insert should be high since the modern on-the-go woman appreciates items that will organize and simplify her life.
- This new product is expected to do well in total sales, profits, market share and return on investment. Manufacturing costs should be low and with vendor partnerships, a high market share is expected.
- The introduction of a clear handbag insert will complement purchases of all handbags currently on the market and will not cannibalize any existing products.
- Current purse customers will benefit from an insert purchase since it will protect the interior of their new handbags, making them look newer and last longer.
- The plastic insert will create a new workforce for its production.
New facilities will be needed where inserts could be cut from raw materials and assembled. - Competitors might respond by lowering their prices to be competitive with our product.
- Risk of failure is possible; however, I expect our product to be a small scale success.
Development: Several prototypes will be developed in small, medium, and large sizes. Packaging, branding, and labeling will be considered to catch the eye of consumers and make the clear purse insert an attractive purchase for women of all ages.
Test Marketing: A limited production will determine initial reactions of potential customers. Cooperative retailers in large cities and suburban areas will be used as test sites to target career women and busy mothers with young children. In particular, specialty stores carrying the Vera Bradley line will be sought where our insert will complement purse design and color. These sites will be in alignment with planned distribution outlets.
Commercialization: In this final stage of new-product development, test marketing will be the deciding factor on whether or not to market the clear inserts for handbags. If the decision is made to go ahead, we will order equipment and materials, build an inventory, and ship our purse inserts to distribution points while planning our advertising campaign.
New Gas Cans with a Vent By: Chevus Turner
1.If any one out there has used these new styles of gas cans made by blitzusa.com you will find that there is no vent on the other end of the nozzle. The cans nozzles are suppose to be self venting but if you have used these you would no that is not the case. This might not be a big thing but for some the little things can drive them bonkers. These new style of cans were produced to control spills and such so the vent was removed so in case the can fell over there was no outside pressure to aid in the gasoline to spill out of the cans nozzle.
2.Surveys will be sent out to local hardware and automotive shops and also companies could show us their return list of gas cans. Also a mobile survey could go around finding people who use these cans and ask them what they think of them and how do they think they could be improved. Distributors would also be a very good way to know what they think of the product.
3.We know when screening the ideas of a vent we cannot use the old fashioned flip the caps up and pour we must go by the guidelines the government has issued so that spills are still eliminated. We know that these new vents must always vent but so that they do not allow liquids to seep out. Then brainstorming will start and ideas will be tested and prices will be compared.
4. The new vents will not have a high price to create except for a new machine on the assembly line to add the product to the existing gas cans. Sales will improve and returns will be minimal but we will be the only company to offer this there for people will be much happier that a past product was improved for ease.
5.Our prototype will be created and tested to the extreme from dropping 3 stories and being ran over to make sure that the product will do its job and not let a spill occur for any reason once this is past then new vents will be sent out to locals stores. Also it will be passed by the government for resale in the United States.
6. Once these new and improved gas cans are on the shelves we will have the store ask for the customers phone numbers and call them a week after they purchased our product and ask questions of what they thought of the new idea and how it worked for them and ease of use. Also we will then again ask for a return list on the product and compare it to the previous return list taken earlier.
7. If all has passed then we will begin marketing the product in stores, by taking all previous products and recycling them, and also by giving a simple commercial for people to know what they wanted was out to buy and make their days easier.
2.Surveys will be sent out to local hardware and automotive shops and also companies could show us their return list of gas cans. Also a mobile survey could go around finding people who use these cans and ask them what they think of them and how do they think they could be improved. Distributors would also be a very good way to know what they think of the product.
3.We know when screening the ideas of a vent we cannot use the old fashioned flip the caps up and pour we must go by the guidelines the government has issued so that spills are still eliminated. We know that these new vents must always vent but so that they do not allow liquids to seep out. Then brainstorming will start and ideas will be tested and prices will be compared.
4. The new vents will not have a high price to create except for a new machine on the assembly line to add the product to the existing gas cans. Sales will improve and returns will be minimal but we will be the only company to offer this there for people will be much happier that a past product was improved for ease.
5.Our prototype will be created and tested to the extreme from dropping 3 stories and being ran over to make sure that the product will do its job and not let a spill occur for any reason once this is past then new vents will be sent out to locals stores. Also it will be passed by the government for resale in the United States.
6. Once these new and improved gas cans are on the shelves we will have the store ask for the customers phone numbers and call them a week after they purchased our product and ask questions of what they thought of the new idea and how it worked for them and ease of use. Also we will then again ask for a return list on the product and compare it to the previous return list taken earlier.
7. If all has passed then we will begin marketing the product in stores, by taking all previous products and recycling them, and also by giving a simple commercial for people to know what they wanted was out to buy and make their days easier.
Online Banking: Star Check Book Register
ONLINE CHECKING ACCOUNT REGISTER: BY BIANCA DUCK
I currently work at Pennstar Bank and the most frequent problem customers seem to face is balancing their checkbook register. They forget to write checks, debit card transactions, ATM transactions and deposits in their checkbooks. Online banking and automated telephone number is offered as product services to help customers balance their checkbooks. However it still does not help them to remember to write down transactions in their register or encourage them to use a checkbook either. This results in customers receiving bank fees for insufficient funds and bank personnel having to help customers wade through transactions to figure out problem areas in their accounts. Most customers use online banking and would benefit by having a checking register online.
NEW PRODUCT STRATEGY:
To create an online checking account register that will help bank customer keep track of their daily monetary and banking transactions without have to physically write them down. The product will help customers balance their accounts and help them to avoid paid items fees, and non-sufficient funds fee and increase satisfaction with the Pennstar financial institution. This product will be marketed toward all customers of all demographic backgrounds; putting emphasis on busy families and college students.
IDEA GENERATION:
TO CREATE AND GENERATE IDEAS WE WILL SURVEY AND INTERVIEW BRANCH PERSONNEL WHO ACTUALLY INTERACT WITH CUSTOMERS, SO THEY WOULD BE AN EXCELLENT SOURCE OF RECOGNIZING WHAT CUSTOMERS NEED, WANT AND BENEFIT BY. THEY CAN INTERVIEW CUSTOMERS, TAKE SURVEYS, AND WRITE DOWN FREQUENT PROBLEMS THAT OCCUR FOR CUSTOMERS.
IDEA SCREENING:
Will the online checkbook register be used for personal or business accounts or both? How will the register balance? What will remind people to enter any checks written in the register? Will there be reminders? Will the checkbook automatically enter debit card, ATM transactions, deposits, automated payments and wire transfers as they come through? How long will it take to update the register? Who do customers contact for assistance if problems should occur? Who will this product be tested on? Bank employees who have accounts at Pennstar will be asked to test out the product and complete a survey.
BUSINESS ANALYSIS:
The demand for the product will be great after it is introduced to customers as need that they hadn't recognized before. The impact the product will have on overall will be a high increase in sales of checking accounts, which in turn lead into sales of other bank products. This is a solution to a problem that customers continuously have at all banks therefore by providing a solution makes Pennstar an industry leader and gives them a competitive advantage in which would increase their market share, profits, sales, and return on investment. This product would help other products such as checking accounts to sell themselves, and increase use of online banking. The only product that it might cannibalize is the actual physical paper checking account registers’ that customers use. However the older generation and a few others probably would still continue use a paper register because of their resistance to change and technology. All current customers would benefit from this product especially college students, busy individuals, families and also businesses. The product would enhance the image of the company's overall product mix by thinking forward technology wise, and offering a solution to a common problem. The new product would affect current employees by not being bombarded with problematic questions regarding customer’s accounts not balancing. This product would keep the workforce of the company at the same level. The company wouldn't have to hire more employees to service the product or decrease it's current employee workforce because the product would not affect transactions at the branch level. Employee attention could be better put to use other areas. There would be no new facilities for this product since it would be an easy addition to the online banking that already exists. Competitors would eventually respond to offering the product themselves, since most financial institution products are the same the differences are in the fees for products.. The risk for failure is minimum and the company would be willing to take the risk since there are so many benefits and opportunities to come from offering the product.
DEVELOPMENT:
The online checkbook register will resemble a physical checkbook register. The lines for monetary transactions that are debits will be gray with red writing. The lines for monetary transactions that are credits will be white with blue writing. Balances will always be black except when balances are in the negative,which will then be posted in red, in order to draw attention from the customer to the balance. All transactions will appear in real time. This means as soon as transactions are posted to the bank they will appear in the register. So if a customer makes a purchase at Wal-Mart with his/her debit card that transaction will appear in the register 5 minutes later. The register will keep a running current balance. Each time the customer logs on to view his or her account a window will pop on the register that reads ' DID YOU WRITE A CHECK TODAY' so that they may enter in the check. When the checks clear whom the check was made out to will be appear in the register in the check register. Bold, black, and large checkmarks will appear next to all transactions that have been processed.
TEST MARKETING:
The product will be first tested on bank employees who currently have checking accounts with Pennstar. Surveys, and interviews will be conducted with employees to identify problem areas and needs for improvements. Product testing also will be done on to customers that already use online banking. Research will be conducted for 3 months in order to gather results on satisfaction of product with customers. Last tweaks for the online check register will be made in this stage.
COMMERCIALIZATION:
This is when the product will be given an official Pennstar brand name of Star Checkbook Register. It will be labeled under the checking account product line. This will be available immediately on Pennstar online checking. A widget will appear for customers to sign up for the free service. Bank branch personnel will have received training on how to operate this register online, along with being able to view the account with customer at their stations if customers should encounter problems. Marketing will be in charge of distributing flyers in bank statements, running an advertisement campaign on radio, Television, and local newspapers for the product so that Pennstar is seen as the industry leader of the product. Brochures and posters will be placed in lobbies of branches.
Cedar Point [Improved] by Jane Kennedy
After working at Cedar Point for two seasons I had realized that there was a huge problem with the way the roller coasters operate. I was transferred to Top Thrill Dragster for three days because of the many terminated employees and realized that the roller coaster (which is extremely popular throughout the United States) does not fit the larger population, meaning only petite, skinny people can actually ride. I must admit many people were embarrassed /angered to make it all the way to the front of the platform just to find out they could not fit. This is not just the case with Top Thrill Dragster but also with Millennium Force, which is another huge attraction at the park.
New Product Development
(1) New Product Strategy – to create larger seats that are available to fit into new larger train cars while continuing to use the same wheel dimensions. We do not want to make new wheel dimensions as the tracks would have to either increase or decrease and we want to make modifications to the actual train cars and not build a brand new track structure.
(2) Idea Generation – to create this idea of a larger train car or the seats in the actual train car it would be best to put together a survey and have employees walk the length of the park and ask as many people as possible. I also think it would be wise to ask the employees to take the same survey as they see the guests getting on and off the roller coasters daily. The third group I would prepare a survey from is outsiders; we could set up a website and advertise the website to allow outsiders to answer the same survey of questions.
(3) Idea Screening –How will we make the new roller coasters better and safer while making them bigger? What materials will we use to keep the environment clean? When will we introduce this product? What is our time line? What colors will we use for the new train car and seats? Will we use brand new products or close down the roller coaster and use existing products?
(4) Business Analysis –
a. The demand is great -larger people want to enjoy the roller coasters
b. Surveys - $500,000.00
c. Marketing of the new product - $1.3 million
d. Materials / Labor - $6 million
__
e. Admission – Increase by $2.00
f. Profit - $2 million
(5) Development – The new cars will stay the same as the old cars, meaning we will continue to use many different colors with the cars. The seat belts will now be a harness over the chest while utilizing black as the color of choice and the inside of the car will now be a bench seat that is shared between two individuals and again the color of the bench will be black. The name of the ride will be the same.
(6) Test Marketing – By only building one train car of its type we can allow riders of all forms to test out the new seats before we continue in production of the other train cars. We can also put a simulator on Cedar Point’s website and invite people from all over the world to login and take advantage of the simulator and then afterwards they can answer brief questions regarding the simulator.
(7) Commercialization – Finally, the brand new train cars will be available to put into action. This of course will drive sales, increase park attendance and bring many new faces to the park. Because we will be buying all the materials the space we will put together our product will be in the back parking lot and then we can ship them out to the different areas of the park.
Saturday, February 21, 2009
Baby binki tape- Lauren Mathew
Background/ Journal:
In November I had my first child, a daughter. She is 3 ½ months now and a wonderful baby. The biggest problem we are facing is her persistence to spit her pacifier out. This poses two issues: (1) she spits it out in the middle of the night, interrupting her sleep cycle, and thus waking her up. My husband and I have tried various tricks such as swaddling her in such a way that her blanket keeps the pacifier in or taping it to her face with medical tape. The problem with the swaddling is that she is now too big to be swaddled and the medical tape just seems cruel- even though its just medical tape, the sight seems like abuse. I would like to invent a product that keeps the pacifier stuck to your child’s mouth, without causing harm.
New Product development process:
(1) New Product Strategy- to create an adhesive, which is placed on the back of a baby’s pacifier in order to create a seal. The glue is safe for a baby’s delicate skin, odorless, and will not stick to the child’s skin during pacifier removal. It is tough enough to resist a baby’s delicate pull, but gentle enough to be removed by an adult’s gentle tug. The product will be marketed to new mothers and fathers.
(2) Idea Generation- survey mothers and fathers about the idea, ask if this is a common problem in their household. Survey the market to see if there is another product with the same concept or if there has been a product like it which has failed.
(3) Idea Screening- What kind of adhesive should be used? A strip of tape that sticks to the back of the pacifier? A glue-like adhesive? A special Velcro? I chose a tape that is in the form of a pacifier- it is easy, mess free and disposable so you can use the product again and again.
(4) Business analysis- preliminary figures for demand, cost, sales, and profitability are calculated: (a) demand is great- this is a frustrating issue for many families. (b) Cost- about $2.00 per yard of tape, plus manufacturing space, supplies, and employment
(c) Sales- about $4.00 a pack
(d) profit- $2.00 profit
(5) Development- the product will be a clear adhesive stuck to a sheet, in the form of a pacifiers lip. The product will resemble a pack of clear stickers. Both sides will be sticky and will come in a variety of colored cases. The cases will include two pacifiers and 3 pacifier sheets.
(6) Test Marketing- I will offer free samples at Babies R Us stores in certain states. The states that I would test would be: Nevada, Ohio, Tennessee, and Maine, because according to my research, this is the states with the most stay at home moms.
(7) Commercialization- This is when the decision to Market the product is made. I will find a space in which to manufacture my product, train my sales force, and distribute my product nation-wide to Babies R Us stores.
(8) New Product- my product will be on the market and I will carefully watch sales
Questions commonly asked during the business analysis stage:
(1) What is the likely demand for the product?
I did research online and based on the blogs and forums I read, this is not a problem that only my family faces. Besides the child spitting the pacifier out and waking up, people were having problems with their children spitting the pacifier out onto the dirty ground and not having backups, causing their child to cry uncontrollably in a public place.
(2) What impact would the new product probably have on total sales, profits, market share, and return investment?
Based on my research this product is something that is needed by new parents. Parents are willing to fork out a lot of money in order to find a solution to the problem. The money invested would be retuned with a profit.
(3)How would the introduction of the product affect existing products? Would the new product cannibalize existing products?
Since there is no other product of its kind on the market, then other products would not be affected.
(5) Would current customers benefit from the product?
Based on the research I have conducted, yes.
(6) Would the product enhance the image of the company’s overall product mix?
Yes
(7) Would the new product affect current employees in any way? Would it lead to increasing or reducing the size of the workforce?
Since this is a new product, the employees would be newly hired. So no, they wouldn’t be affected, they would actually be benefiting because it’s a new job opportunity. (b) Increasing
(8) What new facilities, if any, would be needed?
A location would need to be chosen, and then a manufacturing plant would need to be built. The manufacturing equipment would have to be bought and employees hired.
(9)How might competitors respond?
There is no competition at the present time
(9) What is the risk of failure? Is the company willing to take the risk?
There appears to be a need in the marketplace, but the risk is about the same as when you introduce any new product – 50/50.
(b) Yes the company is willing to take the risk because the company realizes the need
In November I had my first child, a daughter. She is 3 ½ months now and a wonderful baby. The biggest problem we are facing is her persistence to spit her pacifier out. This poses two issues: (1) she spits it out in the middle of the night, interrupting her sleep cycle, and thus waking her up. My husband and I have tried various tricks such as swaddling her in such a way that her blanket keeps the pacifier in or taping it to her face with medical tape. The problem with the swaddling is that she is now too big to be swaddled and the medical tape just seems cruel- even though its just medical tape, the sight seems like abuse. I would like to invent a product that keeps the pacifier stuck to your child’s mouth, without causing harm.
New Product development process:
(1) New Product Strategy- to create an adhesive, which is placed on the back of a baby’s pacifier in order to create a seal. The glue is safe for a baby’s delicate skin, odorless, and will not stick to the child’s skin during pacifier removal. It is tough enough to resist a baby’s delicate pull, but gentle enough to be removed by an adult’s gentle tug. The product will be marketed to new mothers and fathers.
(2) Idea Generation- survey mothers and fathers about the idea, ask if this is a common problem in their household. Survey the market to see if there is another product with the same concept or if there has been a product like it which has failed.
(3) Idea Screening- What kind of adhesive should be used? A strip of tape that sticks to the back of the pacifier? A glue-like adhesive? A special Velcro? I chose a tape that is in the form of a pacifier- it is easy, mess free and disposable so you can use the product again and again.
(4) Business analysis- preliminary figures for demand, cost, sales, and profitability are calculated: (a) demand is great- this is a frustrating issue for many families. (b) Cost- about $2.00 per yard of tape, plus manufacturing space, supplies, and employment
(c) Sales- about $4.00 a pack
(d) profit- $2.00 profit
(5) Development- the product will be a clear adhesive stuck to a sheet, in the form of a pacifiers lip. The product will resemble a pack of clear stickers. Both sides will be sticky and will come in a variety of colored cases. The cases will include two pacifiers and 3 pacifier sheets.
(6) Test Marketing- I will offer free samples at Babies R Us stores in certain states. The states that I would test would be: Nevada, Ohio, Tennessee, and Maine, because according to my research, this is the states with the most stay at home moms.
(7) Commercialization- This is when the decision to Market the product is made. I will find a space in which to manufacture my product, train my sales force, and distribute my product nation-wide to Babies R Us stores.
(8) New Product- my product will be on the market and I will carefully watch sales
Questions commonly asked during the business analysis stage:
(1) What is the likely demand for the product?
I did research online and based on the blogs and forums I read, this is not a problem that only my family faces. Besides the child spitting the pacifier out and waking up, people were having problems with their children spitting the pacifier out onto the dirty ground and not having backups, causing their child to cry uncontrollably in a public place.
(2) What impact would the new product probably have on total sales, profits, market share, and return investment?
Based on my research this product is something that is needed by new parents. Parents are willing to fork out a lot of money in order to find a solution to the problem. The money invested would be retuned with a profit.
(3)How would the introduction of the product affect existing products? Would the new product cannibalize existing products?
Since there is no other product of its kind on the market, then other products would not be affected.
(5) Would current customers benefit from the product?
Based on the research I have conducted, yes.
(6) Would the product enhance the image of the company’s overall product mix?
Yes
(7) Would the new product affect current employees in any way? Would it lead to increasing or reducing the size of the workforce?
Since this is a new product, the employees would be newly hired. So no, they wouldn’t be affected, they would actually be benefiting because it’s a new job opportunity. (b) Increasing
(8) What new facilities, if any, would be needed?
A location would need to be chosen, and then a manufacturing plant would need to be built. The manufacturing equipment would have to be bought and employees hired.
(9)How might competitors respond?
There is no competition at the present time
(9) What is the risk of failure? Is the company willing to take the risk?
There appears to be a need in the marketplace, but the risk is about the same as when you introduce any new product – 50/50.
(b) Yes the company is willing to take the risk because the company realizes the need
Friday, February 20, 2009
Davina Molyneux
Kiddie-Neat-Seat
Davina Molyneux
New Product Strategy: (problem)
Our company is focused on making parents lives easier.
If you have kids, you know what a mess they can make in their high chair at the dinner table. When toddlers eat, it is like a tornado hitting the kitchen! You then have to get the broom or vacuum out to clean up the food all over the floor, and paper towels to clean up all the juice that went flying across the kitchen.
Idea Generation: (the solution)
We need to develop products that help parents with this problem. Wouldn’t it be great to have a tool for easy clean up to help solve our problem? Moms and Dads today are busy, working parents. Our company is devoted to helping parents out every day. We took some ideas from our current customers and employees, along with our marketing team, to help understand what our customers are looking for. After brainstorming, they all agreed they spend too much time trying to keep their house in order, while working full-time and raising the children. They all had problems keeping their lives organized.
Idea Screening:
This is why my company developed the Kiddie-Neat-Seat. The Kiddie-Neat-Seat is simply a highchair with a small vacuum attached to the back. There is also a paper towel holder with a place for a spray bottle of your favorite cleaner. There is a small canister under the seat that holds all of your waste and when it is full, you can simply empty the canister into the garbage. Some of these items are not pleasant looking to have in your dining room, so we added a small compartment door to hide all of these features. This product is going to save parents an extreme amount of time when cleaning up. No more hauling that big, heavy vacuum out of the closet three times a day just to clean up after meals.
Business Analysis:
There is currently no other product like the Kiddie-Neat-Seat on the market. The demand for this product may be affected by the current state of the economy, but by time the product is to be commercialized, the economy will be in a better state. We will be able to keep the cost affordable. We have the only product like this ready to market, so we need to keep the price affordable due to the rise of competition. By using resources that we currently have in stock at our warehouse, we will be able to produce at relatively low costs.
Development:
Our Research and Development team are partnering with the Engineering Team to develop a stereotype of the Kiddie-Neat-Seat. This will help us determine map out our advertising, pricing, and promotions strategies. We will be able to determine a price for the product.
Test Marketing:
We plan to test our products by letting some of our current customers try a prototype at home. Of course, the product will be fully tested for safety before this point. We will get a better idea of how customers will react to the product and fix any and all issues regarding the quality of the product. We will also be able to assess our marketing strategy.
Commercialization:
Finally, the Kiddie-Neat-Seat will be ready to enter the market. We will have the best product of our kind and work hard to be the leading company for our product against the competition. We will order materials that are needed to produce our product.
× Our product demand will rise when people are educated on the convenience and easy use of the product. We will market toward the stay at home moms, the busy working mothers, restaurants, and daycares. It’s easy clean-up will be its competitive advantage.
×We feel that our product will be very profitable because every mom is going to want one! Every restaurant is going to want the quick and easy clean up for their busy business. Daycares are also going to need the product to maintain the cleanliness of the business. We are using some materials that we currently have in stock, so costs of production will be low, helping us make profits and sell at a lower price to customers.
× The Kiddie-Neat-Seat may cause other current highchair sales to decline, but this product will cost relatively more to purchase it. This is the NEW highchair.
× Current costumers will definitely benefit from this product. It will help parents save time so they can enjoy more time with their children. This product is also very convenient to have for anybody with children.
× This will enhance the image of our marketing mix. This is a fresh, new product that will lead us to a bright future in the industry.
× We will be able to maintain the same number of employees because we are predicting sales of the current highchairs to decline, so we will utilize appropriately.
× We will be able to produce the Kiddie-Neat-Seat right here at our facility, so new facilities will be needed.
× Once competitors know about our new product, we are aware that the competition will try to duplicate our product. We will do our best to stay a step ahead of the competition.
× We are taking a risk with the Kiddie-Neat-Seat and it is a risk that we are willing to take. We have confidence that our customers will love our new product and we think that we will attract many new customers in as well. Out with the old and in with the new.
Davina Molyneux
New Product Strategy: (problem)
Our company is focused on making parents lives easier.
If you have kids, you know what a mess they can make in their high chair at the dinner table. When toddlers eat, it is like a tornado hitting the kitchen! You then have to get the broom or vacuum out to clean up the food all over the floor, and paper towels to clean up all the juice that went flying across the kitchen.
Idea Generation: (the solution)
We need to develop products that help parents with this problem. Wouldn’t it be great to have a tool for easy clean up to help solve our problem? Moms and Dads today are busy, working parents. Our company is devoted to helping parents out every day. We took some ideas from our current customers and employees, along with our marketing team, to help understand what our customers are looking for. After brainstorming, they all agreed they spend too much time trying to keep their house in order, while working full-time and raising the children. They all had problems keeping their lives organized.
Idea Screening:
This is why my company developed the Kiddie-Neat-Seat. The Kiddie-Neat-Seat is simply a highchair with a small vacuum attached to the back. There is also a paper towel holder with a place for a spray bottle of your favorite cleaner. There is a small canister under the seat that holds all of your waste and when it is full, you can simply empty the canister into the garbage. Some of these items are not pleasant looking to have in your dining room, so we added a small compartment door to hide all of these features. This product is going to save parents an extreme amount of time when cleaning up. No more hauling that big, heavy vacuum out of the closet three times a day just to clean up after meals.
Business Analysis:
There is currently no other product like the Kiddie-Neat-Seat on the market. The demand for this product may be affected by the current state of the economy, but by time the product is to be commercialized, the economy will be in a better state. We will be able to keep the cost affordable. We have the only product like this ready to market, so we need to keep the price affordable due to the rise of competition. By using resources that we currently have in stock at our warehouse, we will be able to produce at relatively low costs.
Development:
Our Research and Development team are partnering with the Engineering Team to develop a stereotype of the Kiddie-Neat-Seat. This will help us determine map out our advertising, pricing, and promotions strategies. We will be able to determine a price for the product.
Test Marketing:
We plan to test our products by letting some of our current customers try a prototype at home. Of course, the product will be fully tested for safety before this point. We will get a better idea of how customers will react to the product and fix any and all issues regarding the quality of the product. We will also be able to assess our marketing strategy.
Commercialization:
Finally, the Kiddie-Neat-Seat will be ready to enter the market. We will have the best product of our kind and work hard to be the leading company for our product against the competition. We will order materials that are needed to produce our product.
× Our product demand will rise when people are educated on the convenience and easy use of the product. We will market toward the stay at home moms, the busy working mothers, restaurants, and daycares. It’s easy clean-up will be its competitive advantage.
×We feel that our product will be very profitable because every mom is going to want one! Every restaurant is going to want the quick and easy clean up for their busy business. Daycares are also going to need the product to maintain the cleanliness of the business. We are using some materials that we currently have in stock, so costs of production will be low, helping us make profits and sell at a lower price to customers.
× The Kiddie-Neat-Seat may cause other current highchair sales to decline, but this product will cost relatively more to purchase it. This is the NEW highchair.
× Current costumers will definitely benefit from this product. It will help parents save time so they can enjoy more time with their children. This product is also very convenient to have for anybody with children.
× This will enhance the image of our marketing mix. This is a fresh, new product that will lead us to a bright future in the industry.
× We will be able to maintain the same number of employees because we are predicting sales of the current highchairs to decline, so we will utilize appropriately.
× We will be able to produce the Kiddie-Neat-Seat right here at our facility, so new facilities will be needed.
× Once competitors know about our new product, we are aware that the competition will try to duplicate our product. We will do our best to stay a step ahead of the competition.
× We are taking a risk with the Kiddie-Neat-Seat and it is a risk that we are willing to take. We have confidence that our customers will love our new product and we think that we will attract many new customers in as well. Out with the old and in with the new.
Monday, February 16, 2009
Welcome to MKTG2 Blog!
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