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

• Whatproduct would love to see revamped to meet your needs. Or is there anew 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 canhelp to start a new business, can reinvigorate an existing business, orcan extend the product lifecycle of a business that may be fallingvictim to external events that they cannot control.

There are many reasons that a company might be interested increating new products. And there are often just as many strategies tohelp develop these ideas. Some companies may have a specific departmentthat is in charge of new product development. Some companies mayresearch their consumers or pour over the Internet and social medialooking for new ideas. And sometimes, a new product idea simply developsfrom our everyday life.

One of the more interesting new products of late is from a companycalled UNTUCKit. This is a company that has developed shirts for bothmen and women that are meant to be worn untucked. So yes, this is also aterrific product name!

Did this company create anything that was really revolutionary?Did they create anything that was lifesaving? Does this productdrastically change the way people dress? Was this something that hadnever been done before?

The answer to all of these questions is probably no, yet this nowis a company that has been around since 2010 with over 80 brick andmortar locations. What they did do was take an existing product andrevamp it to meet the changing needs of the consumer. And they did thisby working with the external environmental analysis and the data that itprovided.

As discussed by Kang, Sklar, and Johnson (2011) the work dresscode is changing and often reflects more of the employee personality inthe choice of wardrobe. We know that people are dressing in a morecasual manner in the workplace. And we know that this is now acceptable.All this company did was take an existing product, re-engineer thisdress shirt and show consumers that it is now acceptable to wear yourshirt 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 haveconsistently promoted this and have built a business on this very basicpremise. 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. Oris there a new product that has not yet been created to meet yourneeds.

I wouldn’t call myself an idea man. But something I would like tosee revamped is a microchipped golf ball. Premium golf balls can run asmuch as $3 a ball in some cases. And anyone who has played can tell youthat losing a ball that didn’t go out of bounds or in the water isfrustrating. 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 totrack to the level of a GPS signal (within 3 feet) so that you neverlose 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 thenconcentrating your marketing efforts on one or a few key segmentsconsisting of the customers whose needs and desires most closely matchyour product or service offerings. It can be the key to attracting newbusiness, increasing sales, and making your business a success. Althoughyou can approach market segmentation in many different ways, dependingon how you want to slice up the pie, three of the most common types aredemographic segmentation, geographic segmentation, and psychographicsegmentation.

My target audience would be men or woman golfers, between 18-55,with disposable income, that enjoy the game of golf and are frustratedwith 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 andtechnology. I assume placing a GPS enabled chip is going to increase thecost of a sleeve of balls, but that can be offset if data can be giventhat these 3 balls will last 4 to 5 times as long because you can’t losethem! I would also need to ensure that the ball preforms as good as amid-level competitor. The product is of no value if the feel andconsistency of the ball is not up to par with what is currently on themarket. Finally technology, I would need to ensure that the ball andsubsequent app to locate it is effective and errorless. If it is clunkyand fails to find your ball, then this product will fail immediately inthe market.

-Adam

References:

Kotler, P., & Keller, K. L. (2016). A framework for marketing management. Boston: Pearson.

https://www.heflo.com/blog/strategic-planning/examples-of-barriers-to-entry/

https://www.thebalancesmb.com/target-marketing-2948355

Week 6 Discussion

Question one

• What product would love to see revamped to meet your needs. Oris there a new product that has not yet been created to meet yourneeds. Do not create a charity/non-profit as this will cause challenges in later discussion.

While I havenever considered myself an inventor, A product that I would like to seerevamped to better meet my needs is the Omni pod Insulin Pump System.While there are models that are being developed at the moment there isno true wireless closed insulin pump system. A system like the Omni podcould have the ability to wirelessly complete a continuous bloodglaucous evaluation in people with Diabetes and adjust insulin levelsbased on the reading to act as an artificial pancreas. Artificialintelligence is built into everyday devices such as our cell phones.What if a company could take that same technology and put that effortinto a single wireless device that is lifesaving to many people acrossthe globe.

Question two

• Using the bases of segmentation, define the target market for your new creation.

The diseaseDiabetes occurs in people of different gender, age groups, and incomelevels across the world. North America is the largest market for globalinsulin pumps market, The U.S. contributing a major share of insulinpump therapy followed by Europe, Asia Pacific, and the rest of theworld. There are an estimated 370+ million people in the world thathave diabetes. Of the 370+ million with Diabetes an estimated 5-10% ofhaving Type 1 Diabetes. That equates to an estimated target market of 20to 40 million Type 1 Diabetics worldwide that cannot live withoutinsulin therapy. When you add in the remaining 330 Million people withType 2 Diabetes the number of people that need insulin therapyskyrockets to almost 200 Million people across the globe. These 200Million people suffering from the disease along with all healthcarefacilities, laboratories, & home care. These people would be thetarget market for the new artificial pancreas insulin pump.

Question three

• What are the barriers to entry for this revamped or new product?

When thinking aboutthe barriers to make this product come to life, I can think of twobarriers specifically. The first barrier is the high cost of life-savingdrugs such as insulin and insulin pump therapy. This has become a topicof heavy debate today in our political environment. Pharmaceuticalcompanies make a huge profit off of these lifesaving drugs. The cost ofthese drugs is then passed to the insurance company and then on to theconsumer. Many people cannot afford to pay the cost associated with atechnology like this. Insulin is a relatively inexpensive drug toproduce, yet Pharmaceutical companies will bill thousands of dollars andmake huge profits on something so easily produced. Cost is my numberone barrier for entry of this product.

The second barrierto entry would be technology. While the technology is available to buildan artificial pancreas, there has been little testing and market datato prove that this type of product would perform as intended withoutadverse effects. The technology for a wireless insulin pump withadvanced artificial intelligence that is proven is not available yet.More testing would need to be completed before entry into this marketwhere people’s lives are on the line. This product would need to befail-proof since it is interacting with such an important function ofthe human body such as glucose control.