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.
