Skills Used: Product Development, Marketing, Research, Figma, Video Editing

The Ask

𓍯𓂃

The Ask 𓍯𓂃

Develop an innovative concept that addresses one of the United Nations' 17 Sustainable Development Goals. This task involves constructing a detailed business case for the idea, formulating a strategy to validate and test the concept effectively, and devising a comprehensive plan for its successful market introduction.

The Process

𓍯𓂃

The Process 𓍯𓂃

The Sustainable Development Goal Being Addressed: Responsible Consumption and Production

Group Concept: ReVampIt, an app dedicated to fashion upcycling, designed to facilitate the reuse of clothes and reduce the amount of clothing waste ending up in landfills.

Step 1: situation analysis

• Why the offering needs to be developed (or redeveloped) for the market

• What is going on in the following environments (discuss all that apply ):

economic environment
competitive environment
technological environment
regulatory environment
customers environment
ecological environment
political-legal environment
socio-cultural environment

• Provide a SWOT analysis and a SWOT matrix that synthesizes your SWOT analysis

Step 2: Product Planning Objectives

• Discuss the objectives of the NPD effort

• Is the goal to be a technology leader, or market-driven? Explain.

• How does the choice to be a technology leader versus being market-driven impact the overall strategy?

• Decide where the development stands with regard to the Ansoff Matrix

• Develop and provide a Product Innovation Charter.

• From the consumer perspective, is the development trying to increase awareness, interest, desire, or action?

Step 3: The target market

• Discuss the various potential market segments for your new offering.

• Select one or more target markets for your new offering. Defend your choices.

• Why do you think the new offering will do well in the selected target market?

• Discuss how the new offering will meet the needs and wants of the selected target market.

Step 4: concept generation & development

• Provide a clear description/definition/statement for the new offering, i.e., provide a Product Concept Statement.

• Describe the benefits of the new offering

• Explain how the benefits deliver in terms of consumer needs and wants

• Consider alternative routes of the product development

• Further develop an alternative route

• Think of ways to position the new offering in the minds of the consumer

• Present a diagram of how the new offering and potential competitors fit on a product positioning map.

Step 5: concept evaluation and PRELIMINARY marketing strategy

• Get an outsider’s (an “expert” in the product category) opinion on the concept.

• Get early feedback from the potential target market.

• Clearly report feedback received from the expert and the target audience.

• Briefly discuss the new offering in terms of the four Ps.

• Provide some early or simple concepts and/or prototypes

pitch Video deliverable

• Assume that you are pitching to a panel of investors; you are attempting to convince them that they should invest in the further development of your offering.