To develop a new product or service and market it effectively.
This project enables you to think creatively of developing a new product/service. Simply conceiving a great idea is not enough, you need to do a reality check on many aspects. Hence, you need to focus on the following aspects:
1. Ideation: This involves conceiving of an idea which may be a product or service. But a good idea always requires sound business fundamentals to translate into a profitable venture. You must bear in mind that the idea you will develop has to be “new”. The new aspect can be described in many ways. a. Completely new to the market b. An innovation which literally transforms the base product or service (that exists in the market today) into a completely new one- where the new product/service should not remind us of the base product/service. For instance a pen drive can be transformed into a pendant targeting the working woman.
2. Need Assessment & Business Analysis: This is an important step in the project. In this step, you have to contact the people who according to you can be targeted. You need to discuss with them on various aspects of the problems which your product/service idea could be a solution. The solution areas can be evolved from the open ended discussions you have with the respondents. You can use various qualitative research tools to assess the needs of the customer. These discussions will enable you to work on the attributes of the product/service that can be emphasized while developing the product strategy. Further this will also help in working out the other Ps of the marketing strategy.