Innovative Product Development

Innovative Product
Development

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................3
TASK 3............................................................................................................................................4
TASK 4............................................................................................................................................5
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Innovations are defined as grabbing some opportunities for business by taking care of
needs of people and giving products through which needs can be met in effective manner. On the
other hand innovations are leading an organisation to deal with challenges in effective manner so
that sustainability can be enhanced (Bouncken and et. al., 2018). This report is prepared in order
to understand market concept of the product launching and future possibility of the product in
marketplace.
TASK 1
The product which are Hi-Tech Watch bands, these bands are laced with prominent
features which are innovative for the market and emerged as a feature by which huge customers
can be attracted towards this.
In current time people are health conscious so in order to maintain their healthy lifestyle
these watches are highly beneficial for those people. On the other hand as in current time market
is pertained with intense competition so one product is required to be highly distinct so as to
qualify market competition. These watches are designed for healthy people so as to determine
various aspects such as their heart rate and many other physical constraints. On the other hand
this device is embed with touchscreen technology in which GPS tracking system is included so
the potential buyers could be people those are prone to travel and explore new destinations.
The stakeholders of this watch may attain high benefits as in technology advancements
and market capture. This technological feature of watch band is fully laced with those features
which are exclusively designed for fitness freak people (Cooper 2019). Stakeholders for new
innovation of Hi-Tech watch bands are buyers and investors. Buyers are going to get benefits
which may help them to receive higher health advantages. On the other hand investors are those
parties who are investing their money in development of new product so with the help of
prominence in Hi-Tech watch band investors are going to get high returns through which they
can enhance their capital.
TASK 2
The new Hi-Tech watch band is having various characteristics through which so many
benefits are given to its user. There are various characteristics which are associated with this
device and the same are elaborated as under: