Microfridge

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A Report on “Microfridge: The Concept Introduction: Robert Bennett, a 31 year old Master in Engineering, decided to quit his job and start a business with his new concept of the “Microfridge”. This was a design that incorporated a refrigerator, freezer and microwave into a single compact unit. He created a new electronic circuit in which the refrigerator shut down while the microwave operated and vice-versa. Analysing the Microfridge: This 3-in-1 device consumed only 10 amps as opposed to the usual 20 amps while using a refrigerator and microwave simultaneously. This generated less heat and reduced the risk of fire. It was a compact device that occupied less space which was ideal for smaller rooms such as student dorms and motel…show more content…
Assuming an average of 200 students per college and a conversion rate of 50%, Bennett would need to target 120 colleges in a year. Recommendation and Plan of Action: To increase the customer perceived value of the product, the idea of partnering with Sanyo and using their brand name to promote the Microfridge could be explored. This would also help to tap in the market already available to Sanyo. As Sanyo is an older and more recognized brand, it would create trust and generate a greater brand following and value. Considering the potential competition the Microfridge may face, a comprehensive promotion strategy needs to be developed keeping the individual targets in mind. While the eagerness of the students to adopt the Microfridge can be leveraged to convince the administration to provide Microfridge as an amenity, various other promotion strategies can be considered. Bennett should send out sales persons to colleges and arrange meetings with the administration to create awareness of the Microfridge and its demand amongst the students. As the primary concern of the administration was fire safety in student dormitories, the fact that 90% of the students violate these norms by using hot plates needs to be highlighted. Then the fact that the Microfridge would reduce these risks can be brought home. A public relations program can be initiated where the Microfridge can be reviewed by the press. Publishing pamphlets and articles through the print media

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