Product Scope – Marketing
Environment Analysis 1
Type of Innovation 2
Scope of Product 2
Unique Selling Features 4
In today’s competitive business world, for introducing a new product in the market, there are a lot of factors that should be taken into consideration before launching it in the market. It depends on those related factors that how the product will perform in the market. This concept is relevant to every country in the world or any market for that matter. Our product is a band shaped apparel which can be worn on a person’s had and it will project the phone screen on the arm when the device is activated. The device is currently programmed to synchronize with android devices. An environment for the product is the surrounding atmosphere for the product which should be taken into consideration by every company in the development process of the product. The environment of a product includes factors like competetion with businesses providing similar products and services, ever-changing preferences of the customers, legal paradigms, and legal paradigms, and the complete economical environment surrounding the market of the product. (Strain, 2014)
The environment surrounding the product we have created is spread globally and it is booming currently with a breakneck speed. It is the combined market environment of smart-phones and its associated gadgets. It is a market which involves high-tech gadgetry. This environment is extremely competitive due to the fact that there are new advancements almost every day. The product we are introducing in the market belongs to the category of smart-phone gadgets to be specific. This market sector is reliant on the market sector reserved for smart-phones. (Ong, 2014) Through it might sound like a disadvantage that the market sector is based on another one, but the market sector of smart-phones has gained so much traction that many industry sectors have originated and progressed relying on that sector. The smart-phone gadget sector has had new entrants as supplementary add-ons with premium smart-phones from companies like Apple, Samsung, Motorola, etc. The companies belonging to this sector are the companies which are one of companies with the highest revenues. The response towards competitors is both harsh and welcoming and the key to success in this market is innovation. (Friesner, 2014)
Type of Innovation
Our product is a new form of supplementary gadget for smart-phones. If this project gets launched, it will bring about a technological innovation in the smart-phone market. There are devices currently in the market that provide parts of technology that we are bringing to the table but our device is a compact package of technologies that are collectively available as a whole. This device will form an image that the other types of supplementary devices that came along were just the tip of the iceberg relate to what can be made possible. It sets marks also in maximizing convenience which is being provided to customers.
This product’s innovative feature is related to enhancing the usability of a regularly used form of a hand-belt and implementing advanced technology to serve multiple basic and advanced level of functions to provide a superior user experience to a customer. This task has been achieved by analyzing current trends and customer needs and preferences. This innovation is bound to set a new trend in the sector as any such implementations of this type of technology haven’t come up. There are currently devices similar at certain levels compared to our device like Moto 360 Watch and the Apple Watch but none have adapted this technology in such a manner. Innovation attached to this device can also be categorized under innovations for projection technology.
Scope of Product
There are various unique features available in this device that it extends the limits of customer comfort. The most unique feature of the phone cannot be distinguished as the base design itself opens doors for more usage enhancements. The product included in the product scope is about a gadget for android mobile phones (belonging to all companies who have adapted android OS i.e. Samsung, Sony, Motorola, LG, etc.) which is in the form of a wristband. It connects to the android phone and projects the phone screen on your arm when the device is turned on. The projection it does on the fore-side of arm is visible in daylight as well as night-time which indicates that there are no performance issues related to it. The product has also been checked for the factor that it does damage to the skin due to its projection or not and it was derived that it doesn’t. Even without reaching over the phone, a user can utilize its facility to answer calls, play games or replying to e-mails or text messages without taking the phone outside.
This product that we have made had a very accessible form feature. This device is shaped like a band which can be worn on the individual’s hand and it will project the screen from the user’s mobile to the person’s arm. The projectors in this wristband will project the mobile phone interface on a person’s arm and the user can use the image like a normal smart-phone just from the image. It doesn’t require the user to take his smart-phone out of his pocket but the phone should be in a 30m distance of the wrist-band for connectivity. It is 10 mm thick and is available in 5 different colors which would appeal customers with difference tastes. It has a rubbery surface but with a soft finish so that even if the user wears it for the whole day, he will feel comfortable.
This arm band is also waterproof which is possible through its rubber body and proper casings to the ports. It will come packaged in a metal casing when purchased and an extra leather pouch will be provided for travel purposes. This wrist-band can run in compatibility with phones with android operating system which is fairly common in phones of many companies.
Its additional services include an extra 2 GB memory card which can be inserted in the wrist-band to extend memory capacity. Once it goes into the market, there will be employees who will assist the customers in linking their android phones with the wrist-band.
Even if there is a rainy atmosphere, a user wearing this wristband can use the features of the phone without fear. If you are driving and your mobile phone is in your pocket, you can use a navigation application without taking out the phone. There is also this advantage of functioning without clicking on buttons which means that the user can operate hands-free. The production and distribution is likely to begin in just one country but a global reach is expected. Even looking into recent market changes, it can be observed that even if the sales of a phone company rise or drop, the gadget buying crowd does not rely on those statistics due to the fact that even the people who have old smart-phones also go out and buy varieties of gadgets.
One year warranty is provided with this product normally and an extended year of warranty costs 50 AED more. This wrist-band will be made available in two versions which are 8 GB and 16 GB which will be made available at 1299 AED and 1499 AED respectively. This product has an even futuristic scope due to the fact that the current technology only projects screens of android phones. In the next upgrade, Apple IPhone can be added to the list of availabilities. Future upgrades can also include support for gesture control and new colors. Due to this strategy, this product can sustain in the smart-phone gadget market.
Unique Selling Features
This product is a specialty product which will create a niche market for the product. The sector for mobile gadgets is booming currently due to the vast availability of smart-phones of low range to high range phones now being used by almost every individual. The gadget which is produced by us is of a completely unique nature which hasn’t been introduced by any mobile company before so it is bound to create a wave. The current market of smart-phone gadgets is ruled by the mobile company themselves as they produce gadgets for their own range of smart-phones. Mobile phone companies like Samsung, Apple, Motorola, LG, Sony, etc. have been introducing new line of gadgets for their phones out of which some renowned ones are Samsung Gear, Motorola Moto 360 watch, etc.
The new entrant to be introduced by us in the market has a feature very few gadgets in the current market have right now. It is the feature of all round operating system compatibility among devices. The gadget which is going to be produced by us is compatible with all the android phones which consist of many companies having that platform which is a matter of core competency. Compatibility with a wide range of devices generates a wider customer base which unlocks the potential to higher revenues and profits.
The innovative technology of projection from a gadget which is interactive is one of a kind and hasn’t been attempted by any major mobile phone companies before. This factor is important for entering a market which already has companies who are established in the sector. Entering a highly competitive market sector requires innovation to succeed. Our product has the technology of projecting the interface of the phone on your arm which can be interacted with exactly like a phone. It would make the impact that people would require to take out the phones from their pockets and they can also use their phones in rain or while taking a bath as the device is 100% waterproof. Introduction of a new level of usability and flexibility in the usage of smart phones has the potential to become an established trend in the mobile phone industry.
The technology implemented in the wristband can be clearly distinguished from the technologies which are currently implemented in the market by the mobile phone companies in the sector. The technologies provided by the current supplementary gadgets for smart-phone include watches like Moto 360. (Swider, 2014)They are mode for functions like notifications, music playing and basic functions which do not require the use of a keypad and cannot also be used to type messages or mails. The wristband possesses greater technology at such an extent that messages can be typed, games can be played, and a closest experience to the functions of an actual mobile phone.
This kind of distinguishing qualities that are posssesed by our product is a step ahead of what these companies already pioneering in the smart phone sector. Such innovation will take time for other companies to replicate and till then we will be able to sell a lot of these wristbands at premium prices and gradually decreased to shat that our product will have a challenging price in comparing other gadgets in the same sector as out wristband.
This specific technology has a potential to grow even despite challenging markets and it relies on the device properties and usability of the device which is very much relevant to what is appreciated in the sector and all the companies. The allocation of the resources in each subsequent area is necessary to formulate a proper product strategy in the department. The product devised is a product which not only gadget enthusiasts will love, but also people who was comfort or people who are always in a hurry will love the design and concept of the product.
Friesner, T. (2014, 5 8). Marketing Environment. Retrieved 12 5, 2014, from www.marketingteacher.com: http://www.marketingteacher.com/marketing-environment/
Ong, J. (2014, 7 31). thenextweb.com. Retrieved 12 5, 2014, from Android reached record 85% smartphone market share in Q2 2014, Xiaomi now fifth-largest vendor: http://thenextweb.com/google/2014/07/31/android-reached-record-85-smartphone-market-share-q2-2014-report/
Strain, M. (2014). How Do Elements of a Marketing Environment Affect Marketing Decision-Making? Retrieved 12 5, 2014, from smallbusiness.chron.com: http://smallbusiness.chron.com/elements-marketing-environment-affect-marketing-decisionmaking-35841.html
Swider, M. (2014, September). in.techradar.com. Retrieved 12 5, 2014, from Moto 360: http://www.in.techradar.com/reviews/phones/mobile-phone-accessories/Moto-360/articleshow/41772462.cms