Kaitlin Bobrovcan
Marketing

New Product Idea

The new product development process the 8 parts:

1. Idea generation
2. Idea screening
3. Concept development and testing
4. Marketing strategy development
5. Business analysis
6. Product development
7. Test Marketing
8. Commercialization

1. Idea Generation – My boyfriend and I are extremely active people,from skiing, hiking,fishing, to camping, but when it comes to getting ready for an activity we always dread having to pack all the supplies that will be needed and figuring out how to transport them. This is why creating a backpack that is waterproof, yet is multi functional and can be flipped into a tent would be not only the coolest new product on the market yet the most effective for the active person. You can pack everything that you would need inside of the backpack and when you reach your desired destination you empty the contents flip the bag and a shelter is created. 

2.  Idea Screening – There are tents that have been created for the active person and there has also been backpacks, yet there has not been a backpack and a tent combined as one.This new-product would be cost effective,waterproof,lightweight, and conducive to the active populations.

  3.Concept development and testing – By reaching out to active people that camp virtually all the time, and ask them to take the product to whichever location for an period of time in order to test the product.Is this product useful? Would you purchase this product? How effective was the product in your journeys? Does this product have a strong appeal to you the consumer?

4.  Marketing strategy development –  Using direct marketing to the new world of technology, using the already existing sites such as Instagram, Facebook, Twitter to introduce the new product in the market would be the first baby step into the grand scheme of this new product. Advertising, and promotional works to make sure everyone is talking about this product, and buying this product. 

5. Business analysis – By connecting with multiple outdoor companies and introducing/pitching this new-product would open a large population 1. for the companies 2. for the new-product 3.for people in the same situation and my boyfriend and myself. The most expensive part of the product is the material that it is made out of,once the material is purchased all other cost are minute. Profit projection would be 60/40 percent. 40% would be put back into the new-product and 60% would be profit in the pocket paying for the next adventure. 

6.  Product development – Connecting with Patagonia,Backcountry,or Marell all are outdoor companies that have current market for backpacking supplies, camping, ect.. By adding the new-product to their list of already existing products the consumer would be able to compare the simple tent to the new multi use backpack tent which are both near the same price market.

7. Test Marketing – Once a prototype is made, I would reach out to active people that camp virtually all the time, and ask them to take the product to whichever location for an period of time in order to test the product. I would ask the whomever to make suggestions after the trial was completed in order to better the product. 

8. Commercialization –  By introducing this product into the market, it will make life and almost any activity that a backpack or a tent would be a must have, the most enjoyable experience people can obtain. Humans love convenience this product brings convenience to a whole new level.