Problem-New Product Strategy:
If you're like me, your hair doesn't hold curls. It takes several hours for me to manually curl my hair and it usually ends in vain. This is why I think having an affordable, curling hair spray would be handy. All you have to do is spray it on wet or dry hair and in seconds your hair will curl naturally!
Idea Generation/Idea Screening:
I thought of it because I am never able to curl my hair. There is many occasions where I'd like to have curled hair and I either don't have the time or it simply doesn't hold. I'm sure I'm not the only girl out there with this problem.
Business Analysis:
What is likely the demand of the product?
I think the demand would be good. Even if girls are able to curl their hair, the speed this spray curls it in will simplify their morning routine. And for those who aren't able to curl their hair, this formula is super strong and will hold even the toughest of hair.
What current customers benefit from the product?
Customers would never have to buy anymore curling irons, curlers or hairsprays. It's in one simple, easy to use container. They would never have to worry about burning themselves either.
What is the risk of failure? Is the company willing to take the risk?
Every new product has a risk. If you're wanting to be a good, successful company, you need to be prepared to take risks. You also need to be prepared to fail, but the benefits of a successful product make all the risks worth while.
Development:
The development would be trying to find the right chemicals that would all work together and not destroy your hair.
Test Marketing:
I would try to find well known people to test out the product. When everyday people see the people they admire using this product, it might persuade them into trying the product themselves.
How Might Competitors Respond?
It would depend on how well the product sold. If it was a major hit, you would see competitors trying to improve it - make it better for a lower price.
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