New Product Development And Commercialisation
‘De-commoditizing’ generic products in a business often leads to innovative success. To justify this, this report will use methods and strategies used when screening for a new business opportunity, explaining the importance of considering alternative needs that are addressed with the same initial solution. The opportunity identification process is utilized in elucidating final differentiated product. This report assumes that an entrepreneur is working to innovate with the criteria stated above and has devised a simple set of objectives to work by.
To design a simple technology integrated with a generic product
Which is aimed at easing the efforts required to use the original product
To articulate the goals, this innovation charter forms an initial outline of objectives and boundaries to innovate within:
Create a business opportunity by differentiating a commodity that can be marketed through existing sales channels of ‘healthy lifestyle’ stores. Identify a generic product that has the opportunity to be ‘de-commoditized’ and produced within the next six months to seize current trends.
The market segmentation resulting from the charter groups the customers as those those who are generally interested in being healthy. Those who are concerned with being unhealthy, but do not solely possess enough motivation to change, provide a large space for opportunity. Creative techniques are helpful in order to be successfully innovative. As the human brain works associatively as well as linearly, mind mapping is an effective method of note-taking and useful for the generation of ideas by association. For aesthetics sake, mind mapping has been amalgamated into lists for this report.
Opportunity Identification
Figure 1. Opportunity brainstorming to distinguish category of store
Target Market
Market Trends
Market Needs
• People interested in fitness
• Healthy people
• Easy things
• Healthy people
• Being healthy, fit, efficiency,
• How to attract more people
• Exercising
To design a simple technology integrated with a generic product
Which is aimed at easing the efforts required to use the original product
To articulate the goals, this innovation charter forms an initial outline of objectives and boundaries to innovate within:
Create a business opportunity by differentiating a commodity that can be marketed through existing sales channels of ‘healthy lifestyle’ stores. Identify a generic product that has the opportunity to be ‘de-commoditized’ and produced within the next six months to seize current trends.
The market segmentation resulting from the charter groups the customers as those those who are generally interested in being healthy. Those who are concerned with being unhealthy, but do not solely possess enough motivation to change, provide a large space for opportunity. Creative techniques are helpful in order to be successfully innovative. As the human brain works associatively as well as linearly, mind mapping is an effective method of note-taking and useful for the generation of ideas by association. For aesthetics sake, mind mapping has been amalgamated into lists for this report.
Opportunity Identification
Figure 1. Opportunity brainstorming to distinguish category of store
Target Market
Market Trends
Market Needs
• People interested in fitness
• Healthy people
• Easy things
• Healthy people
• Being healthy, fit, efficiency,
• How to attract more people
• Exercising