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New Product for Saving Water - Essay Example
Innovation can be defined as the successful exploitation of new ideas and is a powerful driver to achieving better business performance in today's highly competitive and changing market place (Hanninen et al, 2007).
This project involves marking out product ideas on saving water and the plan is to brainstorm and generate 20-30 new product ideas and then select one of these product ideas for further development…
The modeling of the idea, prototyping and manufacturing would be discussed the emphasis is on materials used, alternative manufacturing routes as well as design for assembly and patents. These are issues that will have to be considered for the concept development stage of the project thus the steps followed will have to be noted down in terms of brainstorming of 20-30 product ideas, short listing 5-6 product ideas, analyzing the product concepts, and selecting one new product concept that could lead to saving water. For this the initial process is to look at the list of current products available and develop ideas on what the new products could be.
The marketing strategy would show what marketing tools are appropriate for the products and what would be the business plan and the cost or price of new product development. The source of finance will have to be identified and new product development would be related to branding, testing, packaging, aesthetics and ergonomics. Market testing of the new product would then involve health and safety issues and risk assessment and the commercialization aspects are also identified. ...