I need to discuss about new product idea and answer question 1 to 4 in my discussion.

 

 

 

New Product Ideas Discussion:

 

New products aren't always something no one has ever seen before. Example: when Apple came out with the iPod, it was an MP3 player and there were several MP3 players on the market that allowed consumers to store a single album and play music digitally. Their "new" product that revolutionized the portable digital player market was the user interface that allowed a user to store hundreds to thousands of songs and create playlists. This meant a user could carry their whole music library and select what and how to play it.

Look around the external environment and try to identify areas for possible new goods or services. These will be found where consumer or business needs are either not being met or not being met efficiently. This could take the form of providing greater value to the customer resulting in either a lower price or getting more for their money, or it could be something that currently doesn't exist in the marketplace. I encourage you to look at technology and ask "how can I use this in a different way (like the Apple example), or how can I combine this with another technology to do something else?

Answer the following in your discussions:

1. Describe your product; what is/are the benefit(s) that the product will provide customers, i.e. what is its unique selling proposition?
2. Who would be your perfect customer; what are the characteristics that describe the customer who would most likely be interested in buying this product?
3. How large do you think the market is in either number of potential customers or potential total revenues for your product idea?
4. What makes this different from products that either do something similar, or who can say they do something similar?