Discussion 6 : Marketing Management

Week 6 Discussion

Read the Are You Sitting on a Million Dollar Idea?  and answer the following questions: ( See as attach file. )

Question One

What product(s) would you love to see revamped to meet your needs. Or, is there a new product that has not yet been created to meet your needs?

Question Two

Who is the target market for your new creation?

Question Three

What are the barriers to entry for this revamped or new product?

Respond to Peer(s)

Read and respond to at least two of your classmates' posts.

Respond to Peer 1 : Wanda Blue

Question One

·        What product(s) would you love to see revamped to meet your needs. Or, is there a new product that has not yet been created to meet your needs?

I would love to see a ten slot DVD player. There are still a lot of people who purchase DVD's. I have a large box of DVD's. Which I watch frequently when I'm not at work. I can load the ten slot DVD player and don't have to worry about getting up and putting in a different DVD in every hour.

Question Two

·        Who is the target market for your new creation?

With my product, my target market would be Walmart, Staples, BestBuy and Amazon. These are main four which different individuals shop at all the time. Consumers shop at these stores and they do a lot of online shopping. This product would be good for the elderly because they watch DVD's and they are purchasing them for collector's items. I would be designing this product mainly for the elderly because the cherish the things they have purchased over the years.

Question Three

·        What are the barriers to entry for this revamped or new product?

The barriers to entry with my new product will have to do with finances, cost and time. For one a lot of people are not use to new things and they would have to figure out how to use it. I would have to demonstrate to the consumer's about how to use the product. I would have people on staff to got and present the product to the elderly. Even though I can have a commercial to present the product, some individuals don't like watching commercials. I know this product will draw a lot of attention because the price would be reasonable. Seniors will get a discount on this product.

Respond to Peer 2 : Daniel Asiama

I would love to see a real working development with a self-check out shopping cart at all stores; be it grocery stores, merchandising store, etc. As I put my items in the cart, it starts totaling with a digital display of the items in the cart for me to see. That way I know if I am shopping according my budget, and getting the items I need. It will most importantly also save me time with the checking out process with most stores.

Question Two

My ideal target audience will be groceries shoppers, and mechanizing businesses and stores like the Walmart's and the like. My target audience can also be a B2B target. Especially, if I am the direct manufacturer of these high-tech shopping carts. In that case my first target customer will be Walmart- which is notorious for delays in the checking out processes.

Question Three

The barriers to entry with this revamped shopping cart may have to do with the cost in time and money with regards to customer/shopper adaptation. This is because most shoppers that aren't tech savvy are used to the old way of shopping i.e. standing in long lines, and writing checks, or using cash method payments. Therefore the most obvious barrier to me may have to do with demonstrating the use of the product to shoppers either through commercials or hands on when they are in the store. I understand we do have self-checkout lanes in most stores, but they are seldom being used, partly because they are not as efficient if there is a pricing error, or issues related to some other AI incompetent errors.