Product, Brand Invention and Innovation - Essay Example

Running Head: Product, Brand Invention, and Innovation Product, Brand Invention and Innovation [Institute’s Product, Brand Invention and Innovation In a world where every procedure requires certain types of documents, every individual must keep track of every document they bring, every record they store and all other items affiliated to them (Pinson, pp. 19-21, 2001). Our documents nowadays, play a very important role now in our daily needs. We use them for making reports or drafting contracts, we must be able to properly store them at an appropriate storage device. These devices may be plastic envelopes, brown envelopes, folders etc. Aside from the precious documents that we handle each day, there are also those other items we occasionally carry along such as laptops, books, etc. The “Modieus” is an all-in-one package. It can be easily customized to suite the needs of the end-user. Giving individuals a new way to bring and store their important documents is the primary purpose of Modieus. I have observed that individuals necessitate a device that may be able to hold together all of these items, either it be for a student who carries plenty of readings or an office worker loaded with reports. This product alleviates the burden of buying too many singe-function organizers and the burden of losing such items for working individuals (McKeever, pp. 59-64, 2008). Aside from its primary purposes, the product also has other uses. The product offers its user the option of functionality based on the mood of the end-user. It transforms into a messenger bag and laptop bag if the user decides not to carry an organizer (Pinson, pp. 23-25, 2001). It is stylish, sleek, convenient and multi-functional. Based on our research, the product is more of a luxury item rather than a necessity thus since certain types of items may be simply put inside simple envelopes. Although it is inclined as a luxury item, the Modieus has plenty of benefits itself. It offers a unique customizable touch by a very convenient zipper that attaches and detaches a part of it to make it more hassle-free and easy to use. The Modieus multi-functional bag is made of fine quality crocodile skin leather that gives the product a more fashionable feel for the trendy lifestyle. A two-part bag becomes one convenient, flashy-looking, multi-purpose bag. The two parts consist of (1) laptop bag and (2) messenger plus organizer bag. The messenger bag has flaps inside with magnets embedded under the lining. The flaps can also hold papers with as much as 2 kilograms. Modieus is a bag that provides a better solution than the ordinary bag. It eliminates bulk and other non-functional parts of ordinary bags. The organizer bag is a strapped sling bag or a backpack. It gives the user more alternatives to take hold of the product (McKeever, pp. 59-64, 2008). Further adding to its unique features is its function to be more customizable. To give its users a good feel of the product as their own, magnets underneath the leather material give the user a feel of customization by adding various accessories to it. Given its unique features, the product is set at a very good quality at a very affordable price. In other words, by purchasing this product, the user has made a great bargain at buying an all-in-one suitable product. Based on our findings, our participants expressed problems that all gave a general dilemma. By making this product, the following problems were resolved. The Modieus targets students and young professionals with an ideal age bracket of 13 years old to 29 years old. The product will initially be launched in the Philippines since a sizable amount of consumers demand such product. Most bag manufacturers put their direction on the production mainly on handbags, pouch bags, etc giving me low competition rate. Companies such as iFile, O-naizu and Cushy Notes are our main competitors since they cater to our same level of the market, thus, also capturing part of our market share. In terms of prices, our product is more expensive compared to that of our direct competitors; however, the functionality of our product beats all the competitors in the same industry. The competitors and our company are equal in the fields of geographic location. Our distribution system is more accessible since the proponents of the group can easily access large market areas such as malls, schools etc. The product will be set at a price of twenty-five U.S. dollars with per unit cost of nine dollars and fifty cents. Initial promotions will start with media exposure such as newspapers and radio announcements (Abrams & Kleiner, pp. 71-77, 2003). To further expose the products, I will be joining bazaars in different locations to promote the product. With a marketing budget of 10% from sales, I can promote the product sufficiently. Sponsoring events would also contribute to brand and product exposure. Since the quality of the product is standard, no initial offers on guarantee to buyers yet. Higher level of demand and sales come from the primary market. Our primary target market, based on our research would be individuals whose age ranges from the age of 13 to 29 years old, both males and females, studying under universities of the social sciences (Abrams & Kleiner, pp. 71-77, 2003). I also took into consideration the fact that: individuals who use organizers, as well as individuals who feel the need of an organizer. According to our findings on the focus group discussions held, individuals who do not fit in the primary customers’ profile are our secondary market; those individuals who consider the product as a suitable present for their friends and relatives, older office workers, and high school students. The secondary market would include students from other universities such as University of St. Thomas, University of the Philippines, University of Asia and the Pacific, (Abrams & Kleiner, pp. 71-77, 2003) etc. Included in the secondary market are individuals who do not usually use organizers and those who would try considering the product for personal utilization. Also included in the secondary market are laptop bag users and sling bag users who recognized the multi-functionality of the product. The demands of the secondary market seem to be lower than that of the primary market. For forecasting sales, the sales of the product will be low at the start by pushing quota sales per sales agent. Through continuous brand exposure, sales will increase by the third month of selling. A contingency plan is an exit strategy for a company if business did not go as expected (Abrams & Kleiner, pp. 80-82, 2003). If sales of the product show a continuous loss for three consecutive months, I will push for a decrease in price at only a very small mark-up. If sales will still decrease, selling price at production cost will take place. References Abrams, Rhonda & Kleiner, Eugene. (2003). Successful Business Plan Secrets and Strategies. The Planning Shop. McKeever, Mike. (2008). How to Write A Business Plan. Nolo. Pinson, Linda. (2001). Anatomy of a Business Plan. Dearborn Trade Publishing. Read More