Explain revolutionary product proposal

Assignment Help Marketing Management

Reference no: EM1338083

Explain Revolutionary Product Proposal

Scenario:

You are an employee with Triangle Solutions, a large firm. Your firm has consistently trailed its main market competitor the last three years and wants to establish market leadership. With this goal in mind, Triangle Solutions is providing significant funding to Research and Development to come up with a new product capable of revolutionizing the market.

Your CEO and Board of Directors has tasked you with coming up with this revolutionary product and bringing it to market within two years. They have decided to increase the R & D department staff and budget in order to develop these new product ideas that might help the organization reach this goal.

You will be expected to present your new product idea to management and will need to make a compelling case for the product and how it should be launched. You will have to consider both an intrapreneurial approach and an entrepreneurial approach to your product idea's development. Would this new product warrant the creation of a new subsidiary company that is small and nimble enough to revolutionize the market? Or would the new product's development and launch work within the existing structure of your company?

Assignment

Today, the CEO of your company, Mr. Gilbert, reveals that you will be assigned to a team/group to assist the company with its goal to implement a new product/service to the marketplace. He explains to you that the team/group should discuss the new product/service ideas that they have been working on and come to a consensus on which one would work best for the company to establish dominance in their prospective industry.

The first step in this project is to discuss which new product/service idea would work best for the company's goal to establish dominance in their perspective industry using the Small Group Discussion Board. Each member should submit their own ideas, but the new product/service should be chosen by consensus. The team/group should combine each member's contributions and decide on a new product to propose to the board of directors.

PART 1

"The product that will be produced by my company is called Flush IT, Flush IT is a plastic ring cover that fits over the toilet seat. The old seat cover is made of paper and slides and stick to you when your finish. All you do is lay FLUSH IT over the toilet seat and it sticks to the toilet and does not move or stick to you when your finish. It can be used in Dr. offices, schools, business and other places where there is public use.Flush IT can protect you from dirty stools and can also help protect you from other things that people might have. When your finish all you do is peel it off the stool and flush it down no mess no sticking to you."

Write a proposal for 500-600 words on the product toilet seat cover keeping in mind the following points.

Come to a consensus on the industry in which the new product/service will
implement and why.
Explain how the new product will differ from the competitors.
Discuss in detail the demographics of the product's target customer.

PART 2

Deliverable Length: 10-12 PowerPoint slides (NOT including cover or reference slides) with at least 50-100 words of speaker's notes per slide.
For the individual portion of the project, you must submit a presentation consisting of 10-12 PowerPoint slides with at least 50-100 words of speaker's notes per slide in which you explain the teams/groups consensus on the new revolutionary product/service.

In the presentation, you should give your own ideas of which market the new product/service should be designed for, how the company will develop the new product/service, and which approach would work best for the new product/service.

For full credit, you must address the following in your presentation:
- Discuss in detail the consensus on the new product/service.
- Explain the market in which the new product/service will be implemented and why.
- Discuss the industry in which the new product/service will implement.
- Discuss how the company will develop the new product/service.
- Discuss which approach would work best for the new product/ service (intrapreneurial or entrepreneurial) and why.
- Discuss the operation process for both an intrapreneurial and entrepreneurial approach to the development of the new product/service.
- Discuss the innovation process necessary to produce the new product/service.
- Give recommendations to the team/group outlining a strategic approach for implementing the new product/service to the marketplace.

Reference no: EM1338083

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