You are a team of product managers who were asked to prepare a proposal on an innovation (that you invent) which has business potential in the marketplace. Your task is to present a concept for a creative product or service that is resolved (i.e. concrete enough to be introduced into the market). You are required to critically analyse the key trends within the current marketplace and contextualise the role your product/service has within it. Drawing on your market analysis, critically evaluate the viability of your innovation. Your arguments should be justified, using a range of judiciously selected academic and credible industry sources.
Innovation Proposal:
The following is a list of suggestions; these suggestions are by no means exhaustive and you are not required to discuss all of them. The use of theory and evidence to support your arguments is highly recommended.
1) On overview of the market/ industry relevant to your innovation
2) Key attributes and advantages of the innovation in order to highlight the reasons of why you think your innovation has a good chance to succeed
3) Possible key disadvantages/risk of the innovation
4) Product innovation charter
5) Estimation of the potential market size and expected market growth. An option is to use the ATAR model or any other model that estimates market potential/ profit/sales etc. of innovations
6) Estimated costs of the innovation
7) Positioning of the innovation and identification of suitable target group(s)
8) Market testing models
9) Launching strategy
10) Marketing mix strategy (product, place, distribution and promotion)
11) Possible competition (direct/ indirect, e.g substitute products)
12) Branding strategy