Product Innovation Management: Assignment

Running head: PRODUCT INNOVATION MANAGEMENT
Product innovation management
Name of the Student:
Name of the University:
Author Note:

PRODUCT INNOVATION MANAGEMENT
1. Brief target consumer statement
Consumer insights – Analysis of consumer’s behaviour is an important aspcts that need
to be taken into serious consideration as it would assist to set the target market effectively. The
need of autonomoues car for the physically challenged consumers would be of great use and
possibly they would prefer it massively (Chuang, Morgan and Robson 2015). Please refer to
appendices 1 in the appendices section.
Target market – Predominantly, the target market would be the physically challenged
consumers of urban areas. Concerning to the preference and pricing aspects, consumers with an
age group of 35-65 and with an income of $2.5 thousand to $4 thousand per month (Smith 2015).
Refer to appendices 2.
2. Goals-objectives
The goals and objectives of the product launch and development are as follows:
 The marketing would be done via televison advertisements, billboards, social
networking sites and on the health units especially. This is would help to fetch a large number of
traffic (Scott 2015)
 The sales has to be minimum of 20 cars in a month initially and then gradually to
increase by 10%
 Gathering feedback from every consumers and revert them with effectual
rectifications
 Assigning a support team to settle issues of the consumers which has to be 24x7

PRODUCT INNOVATION MANAGEMENT
3. Guidelines
The guidelines of the product initiation are as follows:
 Proper and profound analysis of the competitve market to be done constantly and
look for opportunities to hit the market
 Extreme concern towards quality of the product during the product-entry into the
market
 The pricing at iniltial stage need to lower down as compared to other competitors
in the market, in order to grab consumers’ attention and quick tap into the competitive market
 By evaluating the demand of the product, manufacturing has to be proceed
accordingly in order to minimise cost of production proficiently (Schoenherr and Swink 2015)