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Describe the product idea and how you found the idea

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Reference no: EM133293797

Case: Identify a new consumer product idea for your project. The idea can be an existing product that is yet to be introduced to Nova Scotia/Canada or a very new product idea of your own. You can use online sources to identify new product ideas or think of one by brainstorming. Please be aware of the term 'consumer', 'product', and 'new'. Wheat (or, maybe a computer hard disk) is almost never bought by individual consumers like you and me. Those are bought by businesses for further processing or as components of final products. So, try to avoid these business products. Marketing books normally focus on consumer products. For products, we normally think about physical products that we can touch, feel, use, etc. Services (like cleaning, or dental appointment) have additional meaning. Apps are often tricky combinations of product and service elements. Try to find a physical product. You can for sure use a service for the project, but that needs to have extra care. A new product can be a very new product out of your brainstorming (maybe drones that can also work as a table fan!). It can be an extension of a product line to an existing company (maybe a jackfruit flavored yogurt!), or an upgrade of a product (like Sony PlayStation 6). For the last two types, you must make sure that it is new and significantly different than the existing ones. I shall search how new the product idea is and if it really is different than existing ones! 2 Students can for sure discuss with the instructor if their ideas are 'new-consumer-products' suitable for the project. Include the following in your report:

1. Describe the product idea and how you found the idea. Give a short description of the product idea. You can add relevant images. Say a line or two about the source of the idea. Mention what is new about the idea.

2. Why do you think the product would provide value to customers or satisfy needs? Understanding needs of consumers is at the heart of marketing. Identify what needs this new product is going to satisfy. You may give references for your claims about the needs of consumers.

3. Analyze the Macro environmental impact for this product. Use real or imaginary company/ manufacturer information to help the analysis. Write about probable impact of all the 6 macro-environmental forces You must give references in this regard.

Reference no: EM133293797

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