Product Development Report: ATMB Band - Business Analysis & Strategies

This report provides a comprehensive analysis of the ATMB band, a new product designed to address ATM card theft. It begins with a situation analysis, exploring the problem of ATM card theft and the need for innovative solutions. The report then details the idea generation process, opportunity identification, and concept testing, leading to the development of the ATM band. It covers the design for the environment, business analysis, product architecture, and assembly concepts. The report includes a product flow blueprint and outlines marketing goals, objectives, and strategies, including target markets and commercialization plans. Implementation, evaluation, and control mechanisms are also discussed, along with a brief financial analysis. The report highlights the importance of ethical compliance and sustainability, emphasizing the product's potential to mitigate the risks associated with ATM card theft and offering a practical solution for consumers and financial institutions. The report is structured to offer a complete overview of the product development process for the ATMB band, from inception to market entry.

Running head: PRODUCT DEVELOPMENT
Product Development
Name of the Student
Name of the University
Author Notes

1PRODUCT DEVELOPMENT
Executive Summary
There has been considerable amount of reports concerning the theft of ATM cards. The latter has
created a great deal of undue tension in the minds of the ATM card owners. Innovation and
technological advancement have led to the development of technology in ATM cards using which the
user would not need to enter their pins all the time. The latter has become a reality as a result of ATM
cards with chips. Simply swiping it can help the user pay the merchant. However, it is known that just
a science is a boon, it can acts as a curse. With the development of chip ATM cards, the number of
ATM card thefts has risen which has led to threats for the users as well as the banks. In order to tackle
the problem ATMB company has developed an innovative idea in the form of an ATM band that is
expected to help the people to tackle the issues that have been highlighted above. A situation analysis
will be conducted along with a rationale for the idea that has been generated along the ethical
compliance of the latter. Furthermore, the methods that will be employed to test the product will be
evaluated. Apart from this, the viability of the business will be evaluated along with the evaluation of
the marketing goals and objectives and marketing strategies associated with the operations of the
company while offering the ATM band in the market. Finally, the commercialization of the product
has been catered along with the development of monitoring techniques that will be employed and
brief financial analysis.

2PRODUCT DEVELOPMENT
Table of Contents
Situation analysis...................................................................................................................................4
Idea Generation.................................................................................................................................4
Opportunity Identification and evaluation.........................................................................................4
Concept generation and testing.........................................................................................................5
Design for environment.....................................................................................................................5
Business analysis...............................................................................................................................5
Development and Product Architecture.............................................................................................6
..........................................................................................................................................................0
Assembly concepts........................................................................................................................0
Test Marketing..................................................................................................................................0
Product Flow Blueprint.................................................................................................................1
Marketing Goals and Objectives............................................................................................................2
Objectives.....................................................................................................................................2
Marketing strategies..............................................................................................................................3
Target market....................................................................................................................................3
Primary target...............................................................................................................................3
Secondary target...........................................................................................................................4
Commercialization............................................................................................................................4
Product..........................................................................................................................................4
Price..............................................................................................................................................5
Place.............................................................................................................................................5
Promotion.....................................................................................................................................6

3PRODUCT DEVELOPMENT
Implementation......................................................................................................................................6
Evaluation and control...........................................................................................................................6
REFERENCES......................................................................................................................................8

4PRODUCT DEVELOPMENT
Situation analysis
The situation analysis is deemed to be a crucial part of the viability analysis process (Mendy
et al., 2014). Thus, it is necessary to carry out the same in order to effectively adjudge and evaluate
the scope of the business idea and the possibility of success of the same in the market that it is being
pitched in.
Idea Generation
The generation of idea is one the most effective stages of development of the product. The
trigger point to generation of the idea has resulted from the recent incidents such as loss of high sums
of money due to loss of ATM cards (Olowookere & Olowookere, 2014). Furthermore, the developer
of the product have themselves witnessed a massive frequency of loss of ATM cards (Sowunmi et al.,
2014). Thus, the latter has resulted in the rise of an urge from the part of the developers to develop a
solution to the problem that has been mentioned. Thus, the ATM band is a product that is likely to
help in the mitigation of the issues associated with loss or theft of the valued credentials.
Opportunity Identification and evaluation
The viability of operations of a business is one of the most crucial factors that detemi9nes the
effectiveness in terms of its long-term sustainability. The demand conditions or demand for a
particular product or service determines the success of operations of a product that is being offered by
a company (Harper et al., 2016, pp. 5). The same will result in the development of activities and the
attitudes of the customers in terms of the applicability of the product that is being offered in the
market. If the product that is being offered in the market is favorably demanded in the market, it can
be said that the initiatives of the company will experience considerable amount of success (Pauly et
al., 2013, pp. 699). After the evaluation of the attitudes of the consumer community, it has been found
that the latter are actually experiences issues associated with theft or loss of ATM cards ( Jegede,
2014, pp. 44). Hence, the aim of the company will be satisfied as the product that is being offered in
the market will be appreciated by the consumer community.

5PRODUCT DEVELOPMENT
Concept generation and testing
Market research is one of the most important stages that needs to be carried out before
products are being pitched in the market (Singh et al., 2014). The latter will help the company in
gaining understanding regarding the needs of the customers in terms of the design they feel suitable,
the size, the customizability, the specifications and the additional features that comes with the
product. Furthermore, it has been identified that the price at which the product will be offered in the
market will also determine the success of the product in the Canadian market (Chong et al., 2017). It
is the aim of the aim of company to deliver maximum satisfaction to the customers. Various
possibilities were identified while brainstorming the possibility of the concepts that can be
incorporated into the product development idea. Concepts such as ATM ring, ATM utility belt, ATM
coin and ATM watch were among the top ideas that were generated in the brain storming session. The
final concept that was chosen was the ATM band that was deemed to be the most feasible option that
the company could move forward with.
Design for environment
The company realizes importance in the sustainability of the environment and hence the same
has been incorporated into the development of the product. The materials that will be used by the
company in formulation of the ultimate product will be harmonies to the nature. The aim of the
company is to utilize the capacity of industries to comply with environmental standards. The product
will be developed keeping in mind all the industrial standards. The product that has been developed
complies by the CSA certification standards and the Canadian electrical code part 1 and the c22.2 no.
100 and the FTA (Windhorst & Sunyaev, 2013).
Business analysis
The needs of the customers has been prioritized by the organization. Organizations should
carry out the same in order to gain effectiveness in operations. The product that has been developed
by the company has been developed keeping in mind the needs of the customers. Thus, the needs of

6PRODUCT DEVELOPMENT
the customers are to be met by the product in the form of the ATM band that has been developed by
the company.
The product will be marked as a subsidiary besides banking services provided by esteemed
banks. The product will be market digitally with the help of social media marketing. The latter is
deemed to be one of the most cost effective modes of marketing and it will help the organization
curtail the expense on the allotted marketing budget (Jung, Ineson & Green, 2013).
Development and Product Architecture
The materials that will be used to develop the products include, recycled plastic, cloth, rayon,
steel and fiber threads. The final product will be assorted in the assembly center after it has been
developed in separate manufacturing centers. It will be crucial for the organization to develop healthy
relations in order to source the in order to gain genuine material from the suppliers. The main
rationale for the development of the product is to formulate favorable relations with the suppliers
through which

Running head: PRODUCT DEVELOPMENT
The company expects to gain a competitive edge in operations. The product will the marked
with the brand name ATbands.
Figure: ATband prototype on wrist

Transaction start
Transaction
Request
Balance check
End transaction
Sufficient
bal.
Proceed
Transaction
Complet
e?
Transaction re-
start
End transaction
NoYesYes
No
1PRODUCT DEVELOPMENT
Figure 2- Product Working Flowchart

Running head: PRODUCT DEVELOPMENT
Figure: Product architecture and design
Assembly concepts
Test Marketing
The product will be tested in the manufacturing facilities for quality and the proper
functionality of the products will be tested during the assembly of the products. Maintaining the
Chip
place
ment
base
Chip to be
placed
Suppo
rt
bands Straps
Assembled product
Prototype
model
Attachment thread
Manufacturing
Product Assembly
Chip development

1PRODUCT DEVELOPMENT
quality of the products is one of the most crucial aspects of operations of a company that offers
products to customers. The latter must be carried out in order to satisfy the needs of the customers
(Aung & Chang, 2014). Hence, test marketing is a stage that cannot be eliminated and should be
carried out in order to ensure the sustainability of a company.
Product Flow Blueprint
Physical
Evidence
Customer
Actions
On Stage
actions
Backstage
actions
Support
Process
Band Internet
ConnectivityChip Banking NFC
Wear band
on wrist Visit ATM Touch NFC
point
Transaction
Details Completion
Info.
Validation
Banking Info
search
Transaction
Processing
Transaction
receipt
Frequency
analysis
Cross
validation
Keeping
records
Database
Update
Order
product
Verify with
Bank
Receive
Product Use

2PRODUCT DEVELOPMENT
Marketing Goals and Objectives
Following are the key goals of the company while offering the ATBands in the Canadian
market;
1. To increase 15% awareness about the product in Canada.
2. To generate product turnover of 5000 units in the states of British Columbia, Alberta and
Ontario in the first month of operations.
3. To build a community on social media with 10k plus members on platforms such as
Facebook, Instagram, Pinterest and Twitter.
4. To gain association with at least 4 nationalized or private banks in Canada.
Objectives
1. The main aim of the marketing activities would be to increase the effectiveness of the
company in gaining associations with the consumer community. The latter can be achieved
through the development of knowledge and awareness of the company. Advertising is one of
the most crucial activities that the company would need to carry out in order to increase
effectiveness in the organization in attracting the awareness of the consumers of the
community (Couldry & Turow, 2014). Gaining 15% increase in awareness of the company
would be possible through targeting the actual users of the services. Special importance is
needed to be catered to the Target customers that is the young user and corporates who aim at
reducing the hastes associated with carrying physical ATM cards.
2. The ultimate aim of the company would be generate revenue through sales. Thus, by catering
to the needs of the customer community, the company will be able to generate turnover. The
aim of the company is to gain awareness in the consumer community through which the
company will be able to gain effectiveness in terms of generating turnover. PR campaigns has
been located as the activity due through which the company will be able to increase the
awareness about the company. This will supposedly help in satisfying the needs of the
company in terms of increasing the awareness of the company.