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IDEAS DEVELOPMENT AND MARKET RESEARCH (EXTRA (Other areas would include…
IDEAS DEVELOPMENT AND MARKET RESEARCH
BRAINSTORMING
Internal: Brainstorming
This involves people from different areas of the business coming together
and creatively thinking up new ideas.
Diverse ideas and approaches will lead to more creative ideas being offered.
Companies like Google could have regular meetings between different
members of teams e.g. sales, IT development etc.. to brainstorm new ideas
RnD
Internal: Research and Development Department
The R&D department may work on discovering a new product or work on
improving an existing product to extend it’s product life cycle.
Companies like Google spend billions each year on their R&D.
EXTERNAL COMPETETORS
External: Competitors
A business could monitor close competitors and look at copying some of
their product ideas, without infringing on their patents/copyright.
Companies like Google must constantly see what their competition is doing
e.g. Yahoo! To look for new ideas so they don’t fall behind competitors.
EXTERNAL TRADE SHOWS
External: Trade Shows
Business would regularly attend trade shows such as the Dublin Web Summit
to inspire them to make a new product for the domestic market or search for
gaps in the market.
Companies like Google could travel to America to attend trade shows over
there to see if there is an opportunities for an alliance on a new product etc…
Others: Customer Complaints/Feedback; Market Research; Import
Substitution.
SWOT
A SWOT analysis (identifying the product’s Strengths,
Weaknesses, Opportunities and Threats) should be applied to
identify ideas with commercial potential, and the ideas with no potential
should be dropped.
Olympian dismissed all other ideas as the hoodies was the one with most
potential for sales
CONCEPT DEVELOPMENT
Concept Development
A detailed version of a new product idea should be developed into
something real. This should identify features including its unique selling
point, design, form, packaging, branding etc..
Olympian devised a USP of a half zip on the front of the hoodie
Feasibility Study
This is done to check that the new product is viable.
A break-even analysis is done to check if the product can earn profit.
EXTRA
Other areas would include financial (do we have enough capital),
commercial (is there a big enough market), environmental (does it break
any laws) and productional feasibility (is it possible to make).
Desk research was done by Olympian on the internet based on similar
premium hoodies and the prices they were selling at to see if profit was
possible from projected sales
PROTOTYPE DEVELOPMENT
Prototype Development
An original working sample of the product is developed and tested.
This can highlight defects, problems with the product/production and
allow to business to improve on it before full production.
A hoodie was produced that Olympian employees modelled, then
modified
TEST MARKETING
Test Marketing
A small amount of the product is produced and sold to a segment i.e. the
target market.
Consumer feedback is gathered at this stage before deciding to launch
the product.
Hoodies were given to 10 people in the target market and Olympian got
feedback from them
FULL PRODUCTION AND LAUNCH
Full Production and Launch
The product is made using Job/Batch/Mass production.
It is usually accompanied by a product launch by the PR department
and an advertising campaign or sales promotion to get the product
known.
Olympian launched a billboard ad with their product that they made using
Batch production.