New Product Development
Transcript: Product Concept Printer would come in combination with marketplace Marketplace would be modeled on Apple App Store Designers: upload and sell designs Consumers: Review and buy designs User could purchase designs for $1-3 for a small household item No longer need specialized knowledge of software Existing CAD software is expensive ($4,200) so eliminating it brings the price down and makes 3D printing available for home use Augmentation Dimensions Smoke detector with a bright, obvious light when batteries are almost dead Removes headache of unnecessarily loud detector Existing products sound a high pitched alarm when the battery needs to be replaced 2/3 of home fire deaths result from fires in properties without working smoke alarms Product Positioning and Attributes Initial PR announcement to generate excitement about an affordable 3-D printer Promotion will appear on science and technology shows Viewers most likely to purchase 3-D printer as a common appliance Small sales force will introduce, install and conduct brief training sessions Customers should be able to use the product out of the box “If you can print in 2D, you can print in 3D” Marketing Requirements Open up a product to an entirely new market and consumer base Endless possibilities for sustainable living Solve instant gratification for small household items Production Requirements Creating a quality product that fulfills the needs of the target market is most important goal, even over speed to market Market gap will most likely only exist for a few years Product must be launched before March 2016 Economic downturn hurt the kitchenware industry Weakened disposable income led to fewer purchases Cookware is durable (NOT a yearly replacement) High-end, luxury products are expected to have more growth $10B in revenue for two largest companies, accounting for 33% of market Remaining 66% is made up of small players Annual market growth is only 0.7% Tyco accounts for 44% of market No other company has more than 5% These companies compete locally or in niche markets Strobe light detectors exist, but function differently Cost about $100 which is 5x more than a regular detector Ultimate: somewhat affluent families who can afford the product Interest in newest technological advances but have little expert software knowledge Competition Target Market Home use 3D printer & web marketplace Heat-resistant cookware Headache-free smoke detector In addition to the appliance and its software: Services, warranties, deliveries, financing, and installation an be augmented into the value of the product Home-user without large disposable income Small, cheap, and aesthetically pleasing Need little to no advanced software knowledge Makes small household items Ex. Cups, Utensils, Toothbrushes, Phone Cases, Etc. Cheaper and easier than going to store Instant gratification Differentiation in the market More innovation to help keep homes safe Market research to see what end user will be more profitable Consumer vs. contractors Jack Childress Jane Choi Lyle Sarembock Melanie Wells Product Concept Cookware featuring ergonomic, heat resistant silicone handles Heat resistant up to 400°F for 5 hours Ultra-grippy to help with handling cookware Silicone currently exists as a product called Sugru Silicone is waterproof and dishwasher safe Potential to expand product Product Concept Gap Analysis The Concepts Further research on integration of printer and marketplace Questions about the technological feasibility Additional market research on current and future users of 3D printers Corporate Strategy Requirements Further research into safety vs. quality Safety tests to see how long and how well handles hold up Stress of constant heat and washing Availability of access to mass amounts of Sugru Questions?? ...Continued Potholes Competition does exist for the printer However, not in the price range and size of our product Competition does not exist for the marketplace Concept Improvements Market Opportunity Financial Requirements Cluster Analysis Gap Analysis Extremely competitive market with few differentiations Competitors: current makers of cookware Handles of competitor cookware can get hot and be hard to grip often an afterthought (not the focus) Competition focuses on price or quality, not safety or ease of use Competition also comes from oven mitts $1 billion dollar market Epicenter of development in California with 23% growth Falling technology costs and increase in applications 50 companies with none controlling market space All focused on commercial application, not home use Small, convenient appliance that can be used to create simple household objects from scratch Ability to create an unlimited number of small household items Ex: phone cases, utensils, decorations Marketplace that allows users to browse, search, and buy designs to print with ease and with no prior software knowledge Competition Production will start before announcement and will continue after depending on
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