What product would love to see revamped to meet your needs.
Are You Sitting on a Million Dollar Idea? – Watch the video Are You Sitting on a Million Dollar Idea? and answer the following questions:
Question one
What product would love to see revamped to meet your needs. Or is there a new product that has not yet been created to meet your needs. Do not create a charity/non-profit as this will cause challenges in later discussion.
Question two
Using the bases of segmentation, define the target market for your new creation.
Question three
What are the barriers to entry for this revamped or new product?
Marketers –
New products can be the lifeblood of marketing. New products can help to start a new business, can reinvigorate an existing business, or can extend the product lifecycle of a business that may be falling victim to external events that they cannot control.
There are many reasons that a company might be interested in creating new products. And there are often just as many strategies to help develop these ideas. Some companies may have a specific department that is in charge of new product development. Some companies may research their consumers or pour over the Internet and social media looking for new ideas. And sometimes, a new product idea simply develops from our everyday life.
One of the more interesting new products of late is from a company called UNTUCKit. This is a company that has developed shirts for both men and women that are meant to be worn untucked. So yes, this is also a terrific product name!
Did this company create anything that was really revolutionary? Did they create anything that was lifesaving? Does this product drastically change the way people dress? Was this something that had never been done before?
The answer to all of these questions is probably no, yet this now is a company that has been around since 2010 with over 80 brick and mortar locations. What they did do was take an existing product and revamp it to meet the changing needs of the consumer. And they did this by working with the external environmental analysis and the data that it provided.
As discussed by Kang, Sklar, and Johnson (2011) the work dress code is changing and often reflects more of the employee personality in the choice of wardrobe. We know that people are dressing in a more casual manner in the workplace. And we know that this is now acceptable. All this company did was take an existing product, re-engineer this dress shirt and show consumers that it is now acceptable to wear your shirt without tucking it in your pants.
Could this business have been successful 20 years ago? Maybe not. Business norms did not allow this type of wardrobe freedom.
UNTUCKit saw an opportunity and built on it. They have consistently promoted this and have built a business on this very basic premise. Marketing brilliance.
Dr. Amans
References:
Kang, M., Sklar, M. and Johnson, K. (2011), “Men at work: using dress to communicate identities”, Journal of Fashion Marketing and Management, Vol. 15 No. 4, pp. 412-427. https://doi.org/10.1108/13612021111169924
Classmates/Dr. Amans,
Question one
What product would love to see revamped to meet your needs. Or is there a new product that has not yet been created to meet your needs.
I wouldn’t call myself an idea man. But something I would like to see revamped is a microchipped golf ball. Premium golf balls can run as much as $3 a ball in some cases. And anyone who has played can tell you that losing a ball that didn’t go out of bounds or in the water is frustrating. Top Golf uses microchips to tracks points at their ranges. Why can’t a small chip be inserted, tagged with my name and an app to track to the level of a GPS signal (within 3 feet) so that you never lose a ball again?
Question two
Using the bases of segmentation, define the target market for your new creation.
Target marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings. It can be the key to attracting new business, increasing sales, and making your business a success. Although you can approach market segmentation in many different ways, depending on how you want to slice up the pie, three of the most common types are demographic segmentation, geographic segmentation, and psychographic segmentation.
My target audience would be men or woman golfers, between 18-55, with disposable income, that enjoy the game of golf and are frustrated with losing and buying new balls.
Question three
What are the barriers to entry for this revamped or new product?
Some barriers to entry include; price point, performance and technology. I assume placing a GPS enabled chip is going to increase the cost of a sleeve of balls, but that can be offset if data can be given that these 3 balls will last 4 to 5 times as long because you can’t lose them! I would also need to ensure that the ball preforms as good as a mid-level competitor. The product is of no value if the feel and consistency of the ball is not up to par with what is currently on the market. Finally technology, I would need to ensure that the ball and subsequent app to locate it is effective and errorless. If it is clunky and fails to find your ball, then this product will fail immediately in the market.
-Adam
References:
Kotler, P., & Keller, K. L. (2016). A framework for marketing management. Boston: Pearson.
8 Examples of barriers to entry and their definition according to Porter
https://www.thebalancesmb.com/target-marketing-2948355
Week 6 Discussion
Question one
What product would love to see revamped to meet your needs. Or is there a new product that has not yet been created to meet your needs. Do not create a charity/non-profit as this will cause challenges in later discussion.
While I have never considered myself an inventor, A product that I would like to see revamped to better meet my needs is the Omni pod Insulin Pump System. While there are models that are being developed at the moment there is no true wireless closed insulin pump system. A system like the Omni pod could have the ability to wirelessly complete a continuous blood glaucous evaluation in people with Diabetes and adjust insulin levels based on the reading to act as an artificial pancreas. Artificial intelligence is built into everyday devices such as our cell phones. What if a company could take that same technology and put that effort into a single wireless device that is lifesaving to many people across the globe.
Question two
Using the bases of segmentation, define the target market for your new creation.
The disease Diabetes occurs in people of different gender, age groups, and income levels across the world. North America is the largest market for global insulin pumps market, The U.S. contributing a major share of insulin pump therapy followed by Europe, Asia Pacific, and the rest of the world. There are an estimated 370+ million people in the world that have diabetes. Of the 370+ million with Diabetes an estimated 5-10% of having Type 1 Diabetes. That equates to an estimated target market of 20 to 40 million Type 1 Diabetics worldwide that cannot live without insulin therapy. When you add in the remaining 330 Million people with Type 2 Diabetes the number of people that need insulin therapy skyrockets to almost 200 Million people across the globe. These 200 Million people suffering from the disease along with all healthcare facilities, laboratories, & home care. These people would be the target market for the new artificial pancreas insulin pump.
Question three
What are the barriers to entry for this revamped or new product?
When thinking about the barriers to make this product come to life, I can think of two barriers specifically. The first barrier is the high cost of life-saving drugs such as insulin and insulin pump therapy. This has become a topic of heavy debate today in our political environment. Pharmaceutical companies make a huge profit off of these lifesaving drugs. The cost of these drugs is then passed to the insurance company and then on to the consumer. Many people cannot afford to pay the cost associated with a technology like this. Insulin is a relatively inexpensive drug to produce, yet Pharmaceutical companies will bill thousands of dollars and make huge profits on something so easily produced. Cost is my number one barrier for entry of this product.
The second barrier to entry would be technology. While the technology is available to build an artificial pancreas, there has been little testing and market data to prove that this type of product would perform as intended without adverse effects. The technology for a wireless insulin pump with advanced artificial intelligence that is proven is not available yet. More testing would need to be completed before entry into this market where people’s lives are on the line. This product would need to be fail-proof since it is interacting with such an important function of the human body such as glucose control.
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