This briefly examines the methods used by a new company to develop its first product. The company has been established from a team who worked in a business in the defence and aerospace industry, and their aim is to use their skills, knowledge and experience to develop low-cost solutions for consumers based on some of the principles they learned in their previous jobs.
The company’s core capabilities lie around the innovative use of distributed Wi-Fi transceivers combined with sensor systems. Such systems can be used to provide external security around an asset such as a car, caravan or boat. Because the system is rapidly deployable and can be broken down and re-used easily, it is suitable to temporary locations such as a car park, caravan park or marina. The use of analytical tools such as the concept statement, ATAR model, full screen, ideation testing and product protocol all point to a viable commercial opportunity. It is concluded however that due to the risk of replication by another company it is essential to get the product to market as soon as possible. At present, no direct competitors could be found on the internet.
Given the nature of the target audience, who are likely to be geographically diverse and part of relatively niche markets, it is decided that the best approach to marketing will be based on e-marketing, exploiting special interest groups using social media platforms such as Facebook. There is also an option of targeted marketing using special interest periodicals and the potential to write articles for such organs to raise the profile of the product and the company.
The process used is also shown to influence the shape of the product innovation charter and the organisational structure to optimise the potential for new product development, based on a project matrix approach.
Inhaltsverzeichnis (Table of Contents)
- Executive Summary
- Introduction
- Product Innovation Charter
- Initial Evaluation of the Opportunity
- Concept Statement
- Full Screen
- Profile Sheet
- Product Protocol
- Organisational Structure and Development Team
- Product Use Test
- Strategic Launch Plan
- Conclusions
- References
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This brief examines the methods used by a new company to develop its first product. The company aims to utilize its expertise in the defense and aerospace industry to create low-cost solutions for consumers. They focus on innovative applications of distributed Wi-Fi transceivers and sensor systems for security and monitoring purposes.
- Developing a new product for a niche market
- Utilizing existing technology for innovative applications
- Creating a rapid-deployment temporary security system
- Implementing a strategic marketing plan for niche markets
- Optimizing the product development process and organizational structure
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter introduces the company's concept of developing products that utilize existing technology and integrate it into specific product ranges. It focuses on the first product, "SiteSecure", which utilizes smartphones, Wi-Fi transceivers, and sensors for security purposes.
- Product Innovation Charter: This chapter discusses the importance of a clear product innovation charter (PIC) for successful product development. It outlines the PIC for the proposed product, "SiteSecure", highlighting the company's objectives, customer focus, and marketing strategy.
- Initial Evaluation of the Opportunity: This chapter likely explores the market potential for the proposed product, analyzing factors such as target audience, competitor landscape, and feasibility of the technology.
- Concept Statement: This chapter would delve into a detailed description of the product concept, outlining its features, functionalities, and potential applications.
- Full Screen: This chapter likely presents a comprehensive view of the product development process, including the design, engineering, and testing phases. It could also incorporate insights from market research and user feedback.
- Profile Sheet: This chapter might focus on a detailed description of the target audience for the product, including their demographics, preferences, and needs.
- Product Protocol: This chapter likely outlines the technical specifications, functionalities, and user interface of the product. It may also cover the development process and testing methodologies.
Schlüsselwörter (Keywords)
Key terms and focus topics include product development, innovation, Wi-Fi transceivers, sensors, security, monitoring, niche markets, e-marketing, product innovation charter, strategic launch plan, and project matrix approach.
- Citation du texte
- Ulkar Suleymanova (Auteur), 2015, New Product Development, Munich, GRIN Verlag, https://www.grin.com/document/346814
