New Product for Saving Water - Essay Example

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Summary
Innovation can be defined as the successful exploitation of new ideas and is a powerful driver to achieving better business performance in today's highly competitive and changing market place (Hanninen et al, 2007).
This project involves marking out product ideas on saving water and the plan is to brainstorm and generate 20-30 new product ideas and then select one of these product ideas for further development…
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New Product for Saving Water
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"New Product for Saving Water"

Download file to see previous pages The modeling of the idea, prototyping and manufacturing would be discussed the emphasis is on materials used, alternative manufacturing routes as well as design for assembly and patents. These are issues that will have to be considered for the concept development stage of the project thus the steps followed will have to be noted down in terms of brainstorming of 20-30 product ideas, short listing 5-6 product ideas, analyzing the product concepts, and selecting one new product concept that could lead to saving water. For this the initial process is to look at the list of current products available and develop ideas on what the new products could be.
The marketing strategy would show what marketing tools are appropriate for the products and what would be the business plan and the cost or price of new product development. The source of finance will have to be identified and new product development would be related to branding, testing, packaging, aesthetics and ergonomics. Market testing of the new product would then involve health and safety issues and risk assessment and the commercialization aspects are also identified. The focus is on innovation and new product development and the skills emphasized for such exercise are creativity, entrepreneurial skills, research, and marketing, networking and sketching and developing new product concepts. In the context of the discussion the marketing mix of 4Ps or product, price, place and promotion are discussed using England as the place and affordable pricing and good quality as some of the essential features of the product development process.

Introduction:
Research has shown that innovation is linked to increased market shares, higher growth rates and greater profitability. It applies not only to new technologies, products and processes but also to the adoption of best practice across the whole business. Innovativeness within any organization is crucial to competitiveness, business growth, and in areas of business performance. Brooks (2006) has suggested why saving water would be a worthwhile endeavor and an operational definition of water demand management focuses on reducing the quantity of water required for a specific task; adjusting the task so much less water would be needed; reducing losses in water when water is transferred from source for use or disposal; shifting time of use to less demanding periods; and increasing the operability during droughts (Brooks, 2006). These water saving features would be applicable to nations at different stages of economic development. Goals of more efficient water use seem to be linked to those of equity, environmental protection and public participation (Brooks, 2006). Thus saving water is an environmental goal and a goal for governance as well.
The first part of this report is on the products available in the market that could help in saving water substantially. The second part is on brainstorming and coming out with 20-30 ideas on water saving devices and from these we shortlist 5 and then decide on 1 product that would be most suitable for development for this project. This particular product is developed using sketches, concept development and marketing and distribution strategies that would ...Download file to see next pagesRead More
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