Desklib - Creating and Marketing New Products | Assignment

Running Head: Creating and Marketing New Products
Creating and
Marketing New
Products
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Creating and Marketing New Products 1
Contents
Introduction......................................................................................................................................2
Product Specification.......................................................................................................................2
Concept Generation Process........................................................................................................3
Idea Screening Decision..............................................................................................................3
Product Innovation Charter..........................................................................................................4
Target Market and Sales Forecast....................................................................................................4
ATAR Model...............................................................................................................................5
Product Positioning..........................................................................................................................6
Augmented Decision.......................................................................................................................7
Business Model Canvas...................................................................................................................8
Explanation..................................................................................................................................9
Conclusion.....................................................................................................................................10
References......................................................................................................................................11

Creating and Marketing New Products 2
Introduction
The purpose of this paper is to enlighten the reader regarding the information about the new
product developed in the environment. The paper highlights information about the specification
of the new product developed in the environment. The paper evaluates details about the target
market and sales forecast for the new product. The positioning strategy of the company is
implemented in the business environment so as to place the product in the right segment in the
market. The positioning strategy helps the customers in evaluating the features of the product
and giving them value accordingly. Furthermore, the augmented decision making process is also
defined in the paper for the new product along with the business model canvas for the new
product. Business model canvas is a model that define the value of the firm, its product, people,
infrastructure etc. facilities required by the organization to grow in the market. Further more
details about the paper are discussed below:
Product Specification
The product that is invented by the organization is “Accident location finder”. This product has
not been introduced by any other organization in the target. The accident location finder is a
product that is assumed that it will successfully help finding the exact location where the
accident is happened. This product will help the needy people by gaining information about their
accident from their car. When an accident happen, the car will automatically open the air bags
and will also notify the nearest emergency centre at the same time. The sensors of the car will
automatically reciprocate the message to the hospital so that they can send help to the people.
The feature in cars is named as ‘HOSAX’ because it is a link between the hospital and accident
location (Bradley, et. al., 2018).
The device would have information and details about all the hospitals and healthcare centres
present in the nearest location. It will further use this information as soon as it comes in contact
with the air bags as the censors will get to know that something happened to the car. The inbuilt
GPS tracker and antenna will help in getting knowledge about the area where the car is at the
present, once the information will call the nearest station for help and will send the signal of the
accident (Mohamad, et. al., 2016).

Creating and Marketing New Products 3
Concept Generation Process
Concept generation refers to the process of analysing the needs of the customers and target
market and designing the product accordingly. This activity requires the business to implement
brainstorming ideas so as to select the final design for the business. The process raises several
new questions and possibilities for the business to propose the product. Further, below
mentioned is the concept generation process for the HOSAX product in the business
environment:
Step 1: Clarify and Deconstruct the Problem
Initially the business needs to find an issue for which they need to provide solution in the
environment. After considering several aspects, the management of the company evaluated that
many fatalities are happening because help is reaching late at the accidental sights. Thus, they to
find such a model that call out for help from the hospitals as soon as accidents happen.
Step 2: Search for Solution
After analysing the issue, the business should then focus on looking for solutions in the internal
as well as external environment on the company. Thorough analysis helped in evaluating the
future possible outcomes with the help of which the business can create such a product in the
environment.
Step 3: Exploring and Organizing Solutions
Lastly, after procuring all the resources, the management then organized them in such a way to
attain success and eliminate issues in the business environment. This product shall be optimized
by the car manufacturers so as to save themselves and help at priority in case of an accident. This
product has an inbuilt GPS tracker that will track location of the car all the time when it is in
movement or it is stable.
Idea Screening Decision
The process of idea screening decision involves generation of the idea, analysis of product issues
and preparing the product to provide the best results to the customers in the environment. The
idea screening process for the HOSAX product involve identifying the rate of accidents
happening in the environment and how early medical help reaches to them. Further, procuring