Essay about Developing a New Product

1950 Words8 Pages
My innovative business idea concerns the introduction of a new product in the market which is aimed at reducing the deaths of American soldiers during war together with other innocent civilians. The product shall be marketed under the brand name “Sham-lethal detector”. A lot of research will be put in the development of the device which utilizes the latest technology. In addition, the product will not only be able to detect explosive devices but also landmines that are mostly found in war torn areas especially Iraq and Afghanistan. As a result, this will enhance reduction of the number of casualties that often occur during war which have recently been on the increase. For instance, the US troops based in Afghanistan who were also on a…show more content…
In addition, the product is designed in accordance to safety provisions and does not present any known harm to the handler. It is versatile and all weather hence less dangerous. Since it is a small electronic device, it is portable and will weigh only a half kilogramme and therefore it is not a burden to soldiers who have to shoulder heavy loads in terms of suppliers. The product will also cost less compared to other similar products in the market and this means that it can be afforded by a wide range of consumers. In the market analysis, intend to assess the future and current market (s), positioning, competitive conditions and any regulatory concerns that may exist in United States as well as other markets. Our entire market consists of United States, Britain and the Middle East Countries. The segment market will constitute the military, airlines and VIPs. Targeting may occur in two main phases. The first one concerns the single segment which consists of a single product. This is whereby a single product is targeted by a marketer and this takes place in a market and consists of many segments. On the other hand, the second phase relates to a situation whereby a single product is aimed at the available market segments as a whole by a marketer. In this case,
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