Product Development Report: Local, Global Market and Patent Search

This report provides a comprehensive analysis of the product development process for a digital pen, examining both local and global market dynamics. It identifies the declining market demand for regular pens while highlighting the increasing demand for luxury and stylish pens, particularly in regions like Asia Pacific, Europe, and the Americas. The report explores competitor benchmarking, evaluating existing companies like Bentley, Conklin, and Ferrari, and their current product offerings. It also suggests a feasible product price point between $100 and $350, considering market research and customer expectations. Furthermore, the report touches upon the importance of patent searches and marketing strategies, including the use of digital platforms. The product aims to capture market share by offering a personalized and technologically advanced pen suitable for gifting and professional use. The report also references several academic sources related to market analysis and digital product innovation.

Running head: PRODUCT DEVELOPMENT
PRODUCT DEVELOPMENT
Name of the Student:
Name of the University:
Author Note:

PRODUCT DEVELOPMENT 1
Table of Contents
Local and global market analysis:..............................................................................................2
Competitor benchmarking:.........................................................................................................3
Competitor benchmarking:.........................................................................................................3
Product price point:....................................................................................................................4
Patent search:.............................................................................................................................4
References:.................................................................................................................................5

PRODUCT DEVELOPMENT 2
Local and global market analysis:
There has been a decline in the market demand of pens but it has been found that the
demand of expensive and stylish pens is in demand in the market. If the global market is
considered, the regions of Asia Pacific, Europe, The Middle East and especially the North
and the Latin America have a great demand of the luxury pens. At the same time, it has also
been found that there are many companies who have been trying on product innovation and
product differentiation and taking turn in the manufacturing of pens (Hess et al. 2016). All
these perspectives can be easily considered to be one of the major reasons that behind the
increasing demand of the pens as it is required to gift an individual at the higher designation
or to people who cannot be given other sorts of gifts.
If the local market of Australia is considered, it has been found there is always a
demand of pens or other gifts for the people working at the upper level like a dean or a
principle. It has been found that people remain confused as to what to be given as a good gift
that would create a remembrance among the recipient (Farinosi, Lim and Roll 2016). Thus, it
can be said that there is a demand of these types of pens in the market and any such product
that would help in gifting something that would meet the digital demand and the
technological need as well. this product would be the best suitable product.
It is expected that the product will be marketed by the means of digital platforms like
the Facebook, Twitter or the Instagram, the product could be viewed and liked by all the
target group and the marketing can be a great success. The objective of this product will be
highlighted and it is expected that people would like the product and the sale of the 3D
Digital pens will increase. There will be a demand of the pens in both local and global
market. Considering the number of units, there could be a sell of 500 pens daily to number of

PRODUCT DEVELOPMENT 3
users ranging between 500 and 800. At the same time, it would be like 5% of the market
share in local market and 0.25% in global market.
Competitor benchmarking:
As the expensive pens have been a product innovation to gift to the higher authorities
and
Products Uses Images
Personalised
gifts like photo
frame
It can be treated as one of the mostly like products in
recent time as a personalised gift always acts as a
token of remembrance and gratitude.
Food /
beverage
products /
bouquet
Products like pastries, champagne or like others also
add the similar value in case of giving a gift to a
person. However, these products are not meant to be
kept for a longer time (Rugema, Verplanke and
Lemmen 2015).
Gift vouchers Gift vouchers for any product or service are also a
welcome gift and are given to people of all
designation.
Competitor benchmarking:
There is existence of many companies who are into the manufacturing of expensive
and variety of pens. These companies are:
Companies Current products available Images

PRODUCT DEVELOPMENT 4
Bentley Pens The pens are extremely stylish and posh but there is
no such pen as digital or technological pens.
Conklin Pens These pens have lost the market demand to certain
extent and this is one of the reasons that the
company has been looking for product development
and innovation (McElhone 2017).
Ferrari Pens The pens are too expensive and the products can be
considered as
Product price point:
With a detailed analysis and research on the existing pens in the market and at the
same time interviewing the people, the expectation of the people have been understood. It can
be said that the proposed pen can be sold at a price between $100-350. This would be feasible
and people can buy the ones that they feel would be best suitable for them (Zevenbergen De
Vries and Bennett 2015). The price would be enough for the product for the production and
marketing of the product.
Patent search:
It has been seen that the pens in the market those can be considered as the competitors
of the said product lies in between $75 to $300 and this is one of the reasons that can be

PRODUCT DEVELOPMENT 5
considered while setting the price of the product. As stated before, the cost can be kept
between $100 and $300 (Sisk 2016). People would be much enthusiastic to buy such products
and use the same as a gift or token of appreciation.

PRODUCT DEVELOPMENT 6
References:
Farinosi, M., Lim, C. and Roll, J., 2016. Book or screen, pen or keyboard? A cross-cultural
sociological analysis of writing and reading habits basing on Germany, Italy and the
UK. Telematics and Informatics, 33(2), pp.410-421. Available at:
https://www.sciencedirect.com/science/article/abs/pii/S0736585315001197
Hess, T., Matt, C., Benlian, A. and Wiesböck, F., 2016. Options for formulating a digital
transformation strategy. MIS Quarterly Executive, 15(2). Available at:
https://pdfs.semanticscholar.org/beea/b41a637b2161552b3f112fb56df11d96c507.pdf
McElhone, J.M., 2017. The state, the military, and the market: Capture in the new Burmese
media landscape. In the Service of Power: Media Capture and the Threat to Democracy,
p.59. Available at: https://cmds.ceu.edu/sites/cmcs.ceu.hu/files/attachment/article/1174/cima-
media-capture-book-f.pdf#page=62
Rugema, D.M., Verplanke, J.J. and Lemmen, C.H.J., 2015. Digital pen method. Advances in
responsible land administration, 131.
Sisk, E.P., 2016. Technical difficulties: Protecting privacy rights in the digital age. New Eng.
J. on Crim. & Civ. Confinement, 42, p.101. Available at:
https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/nejccc42&section=9
Zevenbergen, J., De Vries, W. and Bennett, R.M. eds., 2015. Advances in responsible land
administration. CRC Press. Available at: https://books.google.co.uk/books?
hl=en&lr=&id=OOCYCgAAQBAJ&oi=fnd&pg=PA131&dq=Digital+pen+market&ots=JsT
0STmzC0&sig=oaAFVPAbWGmJsash7Q7vPFOGLQY#v=onepage&q&f=false