New Product Strategy
The new product strategy would be to figure out a way to market this product to the point where it would become mainstream and generate great profits while helping the customer (a basketball player) get better at shooting. The plan would be to make this product extremely profitable and reliable so that it gets a good name through basketball players worldwide.
Idea Generation
This product took a while for me to think of. At first I couldn't think of any ideas but then I thought about what would be useful for a basketball player. I thought about one of the most common things a basketball player does often: shooting the basketball. I thought about a product that could help basketball players get better. My ideas flourished when I started thinking about this specific topic of interest. I decided to go with the product of a basketball that could keep track of how many shots you attempted, how many you made, and also the arc on your shots, to see if you should shoot with more or less arc.
Idea Screening
I started the idea screening process when I narrowed down my ideas to just basketball ideas. I continued this process when I decided that I would focus on helping the shooting of basketball players. Finally, I eliminated all other ideas when I chose my product that I was going to move forward with.
Business Analysis
Since the market for this product would be huge (all basketball players), there could really be a high demand for this product. Production costs might be a little high unless we could make a deal with a large reputable company who already distributes basketballs. This would cut the costs tremendously and increase profits through the roof.
Development
We would really start to develop the product and get everyone working together. We would figure out a way to get the technology people working directly with the manufacturors of the basketballs. This way, with everyone developing their part of the product together, we can be most efficient and produce the best product possible.
Test Marketing
I would test market with certain teams at the professional and college levels. These are the people most likely to buy our product after it is perfected. Once they use our test product, they can give us input as to what they want exactly. Since they are the top level athletes at the sport we are making a product for, we will try to make a product they love.
Commercialization
We will market this product after it is perfected. We will market this product to all basketball players but will probably focus on trying to target college and professional teams since they will most likely be the biggest customers of our product.
Thanks,
Mark Musumeci
