In the proposal, make a case for your new Triangle Solutions product that clearly states the need in the market, the pain points felt by customers, and the solution the new product will deliver.
Research the industry and market for the product providing data on the target market’s size, potential growth and relative demographics of the client base, as well as major competitors or obvious potential regulatory issues such as environmental. Provide some ideas for marketing strategies may be used to effectively introduce this product to the market.
What channels will be used?
What aspect(s) of the product should be emphasized? How will it be priced?
How will these approaches achieve results?
Approach this from an entrepreneurial prospective as if you are launching a new venture without your company’s support
New products play a significant role in maintaining the competitiveness of a business. The new product may take different forms, varying from new applications, innovations or an entirely new product. Whichever the form taken, they all contribute to the success of the business. When introducing new products to the market, there is no specific way of reorganizing the company structures for the new product development (Aberdeen Group, 2014). The online guiding principles are based on the nature of the enterprise and the general objectives. The scenario provides freedom of decision making by the management to design and introduce a new product without worrying about the existing structures. The proposal looks into the design and development of a car with advanced danger warning techniques, in the case of speeding or dangerous overtaking. In addition, the market size, the potential for growth, regulatory issues and marketing strategies are discussed in detail.
Advanced Car Warning System
The development of the new product is motivated by the rising number of road accidents, resulting from careless driving and speeding. The standard warning techniques are in the form of buzzers, and there are cases of biasness associated with the technique. Additionally, people get used to the buzzer sounds and may ignore them, resulting in unsafe speeds which could lead to accidents. The new product will have an installed advanced voice system that will have a humanoid voice, warning the driver of unsafe speed limits and dangerous overtaking. The car will be fitted with speed and proximity sensors that will form an intelligent system, processing the nature of the situation based on the measurements undertaken. Different speed limits will have different warning messages, at unsafe speeds; the voice system will remind the driver of the impending accidents risks and effects. Similarly, when the driver overtakes other vehicles carelessly, the system offers warning of the consequences of such actions. Since the drivers will always be reminded of the risks associated with their activities, this will enhance safety and reduce the number of accidents on the roads…..