Lots of Ideas are generated around the world about various new products around the year. Out of these ideas many are rejected and a few implemented. The ideas are generated in many forms and many reasons are responsible for generation of an idea. The concept of Shake light charger was conceived while traveling on a train. The mobile phone due to frequent use was running out of power. Unfortunately the train phone charging socket was out of order too. This gave rise to the Idea of a new product which does not require electric connection to charge a battery, simple as that of a phone. Idea Screening: sources to them.
This process holds much importance when the company is about to invest for their first product. Careful considerations were given when the idea was presented before a team consisting of a Masc.. Graduate, a teacher, an engineer, a business consultant and an electronics retailer. Each of them was asked to come out with the toughest of question to prevent a ‘GO ERROR’. The following objectives were collectively approved at the end of the meeting: The charger is a multi-purpose charging device catering to small batteries like AAA Cells and mobile batteries. It should be light to convenient to use.
The product should be capable to be sold as an accessory along with other products. Minimal Cost. Light weight. Concept Development and Testing: This stage of Product Development involved developing the actual product with its technical specifications, design and packaging. In the process we had to: ; Investigate intellectual property issues and search patent databases There were found to be no patents existing similar to our innovation. ; Who is the target market and who is the decision maker in the purchasing process? The target market was found to be frequently traveling mobile users. What product features must the product incorporate? A charging port fit to charge any small battery. ; What benefits will the product provide? The benefit is to charge any battery on the move without having to depend on power. The source of power is from light. Testing the Concept: The prototype of the product was then distributed among small mobile retailers and college students to try and test their capabilities. The test results were positive for the manufacture of the product. Marketing Strategy: Naming the product is considered to be an important step in marketing the reduce.
Hence we decided on the name D-Charge incorporating the products function of charging batteries. The initial marketing strategy was to narrow down the potential customers to Just the men between the age group of 30-35. They are the ones who tend to travel more and think about energy conservation. Using Social Media is the second planned line of action for marketing. With the emergence of has resulted in the choice of Backbone ads as the only media advertisement strategy. Creative partnerships are planned along with major electronics marts like carom, e- Max, e-zone, etc. Push the brand along with their mobile electronic products. Business Analysis: Through this analysis we estimated the likely selling price based upon customer feedback. The selling price was dependent only on the manufacturing cost as there is no competition for this product. The price was fixed on RSI 250, which was considered reasonable by the product testers. A Make or Buy test was conducted and a quantity in excess of 10,000 units was required to make the product. Thus the product in its initial stages was to be manufactured by a third party and later by the parent company.
The following questions were answered too: ; How will the product be produced most cost effectively? The product manufacturing was to be initially outsourced and the number of units kept to a minimum of 1,000 units. ; What will it cost to produce it? The production cost of the product was arrived at RSI 200/ unit. Product Development: At this stage the company, V Max Power decided to introduce our new product, D- Charge in the market. As mentioned above the production of the product was outsourced to a firm named, J Solutions based out of Achaean.
They were to manufacture 1,000 units of the D-Charge a month and supply it to the warehouse. The distribution channel was then decided. The product at the warehouse will go through a final screening before being distributed among the electronics retailers in and around Achaean. The finance department will bear the costs for the distribution and marketing department were responsible for the online advertisement. This is a temporary set up until the product has a foothold in the industry. Test Marketing: Amidst a public product launch, D-Charge will be released to the market for a trial run period of 1 month.
The tests will determine the success of the product and its practicality. A team has been made in charge for evaluating the product performance during the trial period. They are also responsible for taking necessary preventive and corrective measures. Centralization: With the test marketing being successful, the company has started full scale production. We manufacture 1,000 units a month and they are distributed successfully around Achaean. V Max Power factory is being commissioned with a maximum capacity of 10,000 units a month. New marketing strategies with a slew of hank You.
