Five Innovative Products and Their Marketability

PHASE 5

Idea generation

5.1 Idea Screening
Brainstorming sessions are done to generate ideas. It must be kept in mind that entrepreneurs should be creative and at the same time logical. A large volume of ideas can be generated in short span of time but the challenge arises in screening the ideas to find out suitable and profitable business options. Therefore the screening process is of utmost importance to a prospective entrepreneur.
Our group generated a staggering 950 ideas in 1 hour 15 minutes. The group of 10 was divided into two sub groups of 4 people and 1 sub group of 3 people. In each group every member contributed their ideas and 1 member acted as the group data keeper. The 950 ideas that were generated were then put through a 5 phase screening process. The screening process was done at the presence of all the group members and everyone judged the ideas critically to narrow down to 5 business plans at the end of the screening process.

Phase 1: Rule of Thumb I

In the first phase all the 950 ideas were judged on a single criterion to terminate all the outlandish or crazy ideas. The criterion that was used is “Outlandish Idea” all the ideas were critically evaluated to ensure (i) ideas that are hypothetical or impossible to implement were screened out, and (ii) goo ideas were not screened out as crazy ideas.
The group paid particular attention to the second criteria mentioned above because it is one o the common mistake that is made in the screening process. After the first phase the 950 ideas were screened down to 133 ideas. Almost 85% of the ideas were left out in the first phase.

Phase 2: Rule of Thumb II

The remaining 133 ideas were then put through another rule of thumb exercise. In this phase two criteria were used to judge the ideas. The criteria are (i) profit potential, and (ii) market potential. That is, the ideas were evaluated to find out whether they can be marketed or not and also to find out whether they can earn substantial amount of profit.
The ideas were given either a score of 0 or 1 in each criterion. The scores were then added to obtain a combined score out of 2. The ideas were screened on the basis of the combined score. The ideas that obtained a score of 2 were allowed to pass through to the next phase. The rest of the ideas were left out at this phase.
The group as mentioned above was very critical in judging the ideas and only 31 ideas made it through to the next phase. Almost 80% ideas were left out.

Phase 3: Unweighted 7 Point Scoring Model

In the 3rd phase the ideas were put through an unweighted 7 Point Scoring Model. In this phase the ideas were judged on 7 criteria. The criteria are:
Criteria Score
Market Potential 0 or 1
Riskiness 0 or 1
Investment Size 0 or 1
Technology Level 0 or 1
Environmental Acceptability 0 or 1
Ethical Acceptability 0 or 1
Profit Potential 0 or 1

As mentioned in the table each product was given a score of either 0 or 1 in each criterion. The scores were then summed up to obtain a score out of 7. The idea that received a score of 6 or 7; that is, a score of 6 was the cut off score.
After the groups critical evaluation the 31 ideas were narrowed down to 12 ideas. That is almost 60% ideas were left out in this phase.

Phase 4: Weighted 10 Point Scoring Model

In the 4th phase the 12 ideas were put through a weighted 10 point scoring model. The criteria that were used to judge the ideas in the last phase are used again but this time the criteria were given a weight. The weights of each criteria added up to 1. The ideas were then scored out of 10 on each criterion.
Criteria Weight Score
Market Potential 0.25 0-10
Riskiness 0.05 0-10
Investment Size 0.15 0-10
Technology Level 0.10 0-10
Environmental Acceptability 0.05 0-10
Ethical Acceptability 0.05 0-10
Profit Potential 0.35 0-10 The score and the weights are multiplied and the results are then added to obtain the combined score out of 10 for each idea. The cutoff score in this phase was 7. Given such conditions 8 out of 12 ideas passed onto the next and final phase of screening.

Phase 5: Qualitative Analysis

The remaining 8 ideas were then put through qualitative analysis to find out the feasibility of the ideas. The models and the factors that the group put the ideas through are:
• Uncontrollable Variables
• SWOT Analysis
This phase took a lot of time and effort as the group debated for a long time on each idea to figure out the feasibility of the ideas. After long hours of debate and qualitative analysis the group reduced the number of ideas to 5.

5.2 Final Ideas 5.2.1 Bottled Green Coconut Water
This will add a new dimension in the beverage industry of Bangladesh. It will be a drink that will be purely natural and is liked by the majority of the population. Given the tropical region in which Bangladesh is located, this idea could be a very good business opportunity. The coconut trees are quite abundant in Bangladesh and the climate is suitable for the growth of coconut trees.
Score obtained in the 4th Phase: 7.75
Uncontrollable Variables:
Legal
The legal issues associated with this business idea are very minimal. The reason is that the acquiring of the raw materials and processing can all be done in the country.
Environmental
The environmental condition is the strongest point in this business. The weather and climatic condition of the country suits the growth of coconut trees, the main raw material. In addition the long summer and humid conditions would benefit the business.
Political
The political uncertainty is a headache for all business ventures. As the raw materials will be mostly obtained from rural areas so any political riots or hartals may cause a breakdown of delivery system. This is a negative aspect of the business.
Economic
The economic conditions are also an advantage for the business. The per capita income of the country is on the rise and the cost of the production of bottled green water would be less as the raw materials will be obtained from within the country.
Social
Drinking green coconut water is part of our culture. In the rural areas it is given to guests as a show of respect. So bottling an selling green coconut water is favorable from the point of view of the society.
Technology
The technological aspect of this business is very high. The reason is that the entire bottling system will computerized. But such industries are already in existence in country. So the problem of acquiring the technology will not be hard.
Competition
The competitions for the business venture will the already successful beverages. The company will have to compete against brands like Coca Cola, Pepsi, RC Cola, etc. In addition the bottled Mineral Waters like Mum and Fresh will also provide stiff competition.

SWOT Analysis
Strengths:
• Favorable Environmental and Climatic Condition
• Natural Resources
• Presence of raw materials
• Low cost of production
• Availability of technology
Weakness:
• Whimsical political condition
• Presence of stiff competition
Opportunity:
• Exporting to foreign nations
Threat:
• Copycat Companies

5.2.2 Medical Information Service
This is a service that is very much required in the country. The medical facilities present in the country are quite inadequate compared to the number of people a geographic spread. It is often common to find out that all the facilities are not available at all the places and people are often forced to switch hospitals with patients in dire situations. Also the ambulance services are also not that well spread or known.
Score obtained in the 4th Phase: 8.15
Uncontrollable Variables:
Legal
The legal conditions involved with this business venture are very rigorous at the inception. At the inception of the business, it will be necessary to take permission from all the legal authorities. So the process is very long and tedious.
Environmental
The environment has no affect on this business venture. However, people often drop ill due to severe heat stroke or cold waves, then people might require availing the services.
Political
Normally political conditions do not affect medical services. So they will have very little effect.
Economic
The economic condition of the country is on the rise. The mobile phone charges are on the decline so telephone costs associated with the services will be affordable for the mass population.
Social
The medical information service is actually helping the society. So in social context the business venture is in good position.
Technological
The country has already an excellent mobile phone network service. The cost of availing the services is also quite minimum. So technology will not be an issue in this case.

Competition
There is no such company in existence that is now providing such services to the entire country. So competition is currently non-existent.

SWOT Analysis
Strengths:
• Availability of technology
• Affordability of technology
• Latent demand
• Non-existent competition
Weakness:
• Initial legal restrains
• Lack of network coverage in hilly areas
Opportunity:
• Creating a monopoly in the service sector by being the first mover
Threat:
• Copycat companies
• Upcoming laws regarding the telephone services
• Any addition in telephone tariffs

5.2.3 Branded Eggs
Branded egg is a novel concept for Bangladesh. Target market will be the upper middle class people. Because a normal commodity like egg will be sold at a markup price through branding.
Score obtained in the 4th Phase: 8.75
Uncontrollable Variables:
Legal
Legal implications are minimal in this regard. Only legal issues that will be considered are those associated with the opening of the company.
Environmental
Environmental issues are of utmost importance, because any outbreak of diseases like bird flu is detrimental to the business. In addition a good environmental condition would be necessary to maintain quality.
Political
Political issues are negligible in this regard.
Economic
Economy is also of utmost importance, because the branded eggs will be charged a high markup. But the per capita income is on the rise. So the target market of upper class and upper middle class will be able to avail the product. A latent demand can also be tapped in this way. In addition it has good export prospect.
Social
In social context there is no such major issues regarding this business venture. Eggs are part of almost everyone’s diet.
Technology
Technological aspect of this business venture is also very limited.
Competition
Currently there are no competitors in the market for this business venture. But imitators will emerge soon given the promise and prospect this venture has.
SWOT Analysis
Strengths:
• Availability of raw materials
• Favorable economic conditions
• Good export potential
• Novelty concept in context of our country
• Untapped market
Weakness:
• Uncertain future
• Outbreak of diseases like Bird Flu
Opportunity:
• Good export potential
• Untapped market
Threat:
• Substitute foods; like mushrooms
• Cholesterol content of eggs

5.2.4 Branded Banana
Branded banana is another new concept for Bangladesh. The target market will be the upper middle class and upper class people as a normal commodity like banana will be charged a high markup price.
Score obtained in the 4th Phase: 8.95
Uncontrollable Variables:
Legal
Legal implications are minimal in this regard. Only legal issues that will be considered are those associated with the opening of the company.
Environmental
Environmental issues are of utmost importance, because any outbreak of diseases or bad harvest is detrimental to the business. Also natural calamities like cyclone and flood are disastrous for the business. In addition a good environmental condition would be necessary to maintain quality.
Political
Political issues are negligible in this regard.
Economic
Economy is also of utmost importance, because the branded bananas will be charged a high markup. But the per capita income is on the rise. So the target market of upper class and upper middle class will be able to avail the product. An untapped market and a latent demand can also be tapped in this way. In addition it has good export prospect.
Social
In social context there is no such major issues regarding this business venture. Bananas are part of almost everyone’s diet.
Technology
Technological aspect of this business venture is also very limited.

Competition
Currently there are no competitors in the market for this business venture. But imitators will emerge soon given the promise and prospect this venture has.

SWOT Analysis
Strengths:
• Availability of raw materials
• Favorable economic conditions
• Favorable economic and climatic conditions
• Good export potential
• Novelty concept in context of our country
• Untapped market
Weakness:
• Uncertain future
• Outbreak of diseases
• Natural disasters
Opportunity:
• Good export potential
• Untapped market
Threat:
• Substitute foods; like apples

4.2.5 Easy Budget Honeymoon Travelers
Honeymoon is gradually gaining steps in social context in Bangladesh. However vacations in Bangladesh or outside Bangladesh are costly. So this business venture can actually benefit the middle and lower middle class people, who are our target markets.
Score obtained in the 4th Phase: 8.05
Uncontrollable Variables:
Legal
Legal implications are minimal in this regard. Only legal issues that will be considered are those associated with the opening of the company.

Environmental
Environmental issues are also limited in this respect. Environmental issues will have an impact in the case of storms and floods.
Political
Political issues can hamper the business, as unscheduled strikes can jeopardize the planned outing of newly weds.
Economic
Economic condition is of utmost important. The target market is the middle class and low middle class people. Their income level is low and therefore, the costs of travel should be kept as low as possible. However the per capita income is on the rise and it is a positive sign for the business venture.
Social
The concept of honeymoon is gradually gaining social acceptance in the country. It is now also spreading among the common people and the willingness from people within the middle and low middle income bracket is on the rise.
Technology
Technological aspect of this business venture is very limited.
Competition
All the travel agencies are competitors. But there are no niche market players. So the business venture has good potential by being a niche player.
SWOT Analysis
Strengths:
• Natural scenic locations
• Favorable economic conditions
• Novelty concept in context of our country
• Untapped market
• Social acceptance of the concept has increased tremendously
Weakness:
• Stiff Competition
• High inflation

Opportunity:
• Increase in demand
• Niche Market
• Untapped market
Threat:
• Current travel agencies becoming niche market players

Bibliography:

Arnold, S. B. (2001). Leader traits and leadership competencies necessary during organizational change. Tennessee.

Burns, J. M. (1978). Leadership. New York: Harper and Row Publishers Inc.

Fiedler, F. E. (1967). A thery of leadership effectiveness. New York: McGraw-Hill.

Greenleaf, R. K. (1977). Servant Leadership: A Journey Into the Nature of Legitimate Power and Greatness. New Jersey: Paulist Press.

Hersey, P., Blanchard, K., & Johnson, D. (2008). Management of Organizational Behavior: Leading Human Resources . Upper Saddle River, NJ: Pearson Education.

House, R. J., & Podsakoff, P. M. (1994). Leadership effectiveness: past perspectives and future directions for research. In J. Greenberg, Organizational behavior: The state of the science (pp. 45-82). Hillsdale, NJ, England: Lawrence Erlbaum Associates, Inc.

Kouzes, J. M., & Posner, B. Z. (2002). The Leadership Challenge. San Francisco, Ca: John Wiley and Sons.

Krulak, C. C. (1998). The Fourteen Basic Traits of Effective Leadership. About Campus , 8-12.

Lewin, K., Liippit, R., & White, R. (1939). Patterns of aggressive behavior in experimentally created social climates. Journal of Social Psychology , 271-301.

Maxwell, J. (2002). Leadership 101. Nashville, TN: Thomas Nelson, Inc.

Meyers, S. (2007). Leadership Styles. Trustees , 11.

Weber, M. (1905). The Protestant Ethic and the Spirit of Capitalism: and Other Writings . New York: Penguin Group.

Bibliography: Arnold, S. B. (2001). Leader traits and leadership competencies necessary during organizational change. Tennessee. Burns, J. M. (1978). Leadership. New York: Harper and Row Publishers Inc. Fiedler, F. E. (1967). A thery of leadership effectiveness. New York: McGraw-Hill. Greenleaf, R. K. (1977). Servant Leadership: A Journey Into the Nature of Legitimate Power and Greatness. New Jersey: Paulist Press. Hersey, P., Blanchard, K., & Johnson, D. (2008). Management of Organizational Behavior: Leading Human Resources . Upper Saddle River, NJ: Pearson Education. Kouzes, J. M., & Posner, B. Z. (2002). The Leadership Challenge. San Francisco, Ca: John Wiley and Sons. Krulak, C. C. (1998). The Fourteen Basic Traits of Effective Leadership. About Campus , 8-12. Lewin, K., Liippit, R., & White, R. (1939). Patterns of aggressive behavior in experimentally created social climates. Journal of Social Psychology , 271-301. Maxwell, J. (2002). Leadership 101. Nashville, TN: Thomas Nelson, Inc. Meyers, S. (2007). Leadership Styles. Trustees , 11. Weber, M. (1905). The Protestant Ethic and the Spirit of Capitalism: and Other Writings . New York: Penguin Group.