Find and innovate a new product

Reference no: EM133290039

Question 1. Find and innovate a new product/service that is not exist for your company (Make sure your new product/service does not exist). Describe your proposed new product or service for your company.

Question 2. Support your claim that this product does not already exist. Describe how you verified that it is indeed original and "new to the world". You may Include screenshots of the web searches you conducted.

Question 3. A) What type of innovation is your new product or service?

B) Support your choice of innovation type by referring specifically to the definitions of the four types of innovations studied in class. (5 marks)

Question 4. Describe the target market for your new product or service.

Question 5. Using ONLY the template from class, write a problem statement that describes the needs of the target market described in Question 4 and the benefits a solution would offer.

Template: Our (who) has the problem that (what) when (where). Our solution should deliver (why)

Example: Our new mom has the problem that she has no one to talk to about the best way to care for her baby when she is at home alone every day. Our solution should deliver a way for her to feel connected to other moms so she feels less isolated and alone.

Question 6. Using ONLY the Statistics Canada website and the Seneca Libraries business databases, estimate the market size for your new product/service (Question 1). Use the methods and techniques from our class workshop to estimate the number of people in your target market (Question 4) in Canada. Show all your research results and calculations.

Reference no: EM133290039

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