Business Innovation Project: Developing a Driverless Car Product

This project presents a new product idea for a driverless car, designed for Virgin Start up loans. It includes product idea screening, a product roadmap, and a detailed new product analysis covering strengths, weaknesses, features, and benefits. Category analysis, BCG matrix, and market analysis are provided. The project also outlines a development plan, including a digital marketing strategy, cost analysis (production and marketing), and a product feasibility review. The project concludes with a product quality check and references, demonstrating a comprehensive approach to new product development. The analysis covers various aspects such as market segmentation, attractiveness, and promotional strategies. The financial analysis includes a detailed breakdown of costs and potential benefits. This project provides a comprehensive overview of bringing a new product to market, with a focus on innovation and market viability.

New Product Idea

Cover Content
 Introduction
 Product Idea Screening
 Product Roadmap
 New Product Analysis
 Category analysis
 BCG Matrix
 Market analysis
 Development plan
 Digital marketing plan
 Cost analysis
 Marketing and launch cost analysis
 Product Feasibility Review
 Product Quality Check

INTRODUCTION
 New product development is the process of carrying out the new product
and services in the market area.
 A central aspect of NPD is product designing, along with different
businesses considerations.
 The presentation is present in front of Virgin Start up loans who are
investing funds in new idea of products.

Product Idea Screening
 “Driver Less Car” is a vehicle which is capable for detecting the
surroundings and move towards less traffic.
 The advanced controlling system of this car is that it is easily interpret the
sensory information to recognize correct navigation route and correct
signage.

Product Roadmap
 These are mentioned below:
 Product launch
 Tech support Portal
 Chrome support
 Public API

New Product Analysis
Strength Weaknesses
Easily maintained the speed and
provide full safety while journey
time.
Sensory technology could be
potentially perceive the surroundings
as compared with human senses.
This is very expensive and costly in
price which can not afford by middle
class people.
The road system need to more
updated or upgraded for driver less
car to operate on them.
Features Benefits
It has strong navigation power which
detect the traffic route and ignore
this.
This has automatically key system
through which it can easily lock or
open the car while entering a person.
Driver less car interact with each
other and their surroundings hence
they are capable for identify the
optional route where less traffic.
It provide GPS facility and navigation
system which help in recognise
correct path.

Category analysis
Price Positioning Claims/trends
• Expensive in price
• Mainly high class afford this car
• Yes, premium price is change as per the size of products.
• Comfortable seats, automatic GPS system which detect the
direction where to go.
• Less traffic will improve people health, since traffic jams
have been shown to cause a increase in blood pressure,
anxiety and depression.
Packing formats types & materials Consumption Drivers
• No definite pack size of product.
• Sold on individually
• No, sale only individual product
• They are using fabric made cover to cover the car body.
• This product is promote through media channels and other
promotional technologies among customers.
• They focus on convenience of the products whether it is
delivered to right people at right place.
• Yes, advanced features are encourage the customers for
purchase this products because this will provide GPS and
detection system through which they easily identify less
traffic area.

Tools and techniques
BCG Matrix
Question mark Star
Lower market share and high growth
value of business is uncertain
In this, higher market share and growth level.
It is well known product in the market area.
Dog Cash Cow
It has lower market and growth rate.
This is consider as renovating and deprive
the products.
Higher in market share and lower in growth
rate.
Using profits to finance the new product
development.

Market analysis
 Market segmentation:
 There are different type of market segmentation
which involves geographic, demographic, psychographic
and behavioural.
 Market attractiveness:
 The company enter in the market with launching
new product which is “Driver less car”. It is the starting
level where company find the valuable market place
where they placed the new product.

Development plan
 Market launch plan
 It involves following activities:
 Update the website
 Create press release
 Garner Endorsement
 Use twitter
 Build demand
 Use advertising
 Attend trade shows
 Create email contests

Digital marketing plan
Content
 White paper development is used to write the product detail and information which make aware of
customers regarding new idea.
 Webinars – It is a presentation, lecture, workshop and seminars which transmitted over the web
using video conferencing software.
Email marketing
A/B message testing is used for analysing accurate message is transfer or not to the final customer
which they have to aware about new driverless car.
Social media
Social media channel used for promoting the product and also post their features or facilities which
gain attention of large number of people.

Cost analysis (Production & cost analysis)
COST ITEM $/YEAR %
Raw material 2203000 32.66
Equipment's 1817000 26.92
Waste materials and disposal 0 0
Utilities 0 0
Miscellaneous 0 0
Advertising and selling 0 0
TOTAL 4020000 59.58