You are to assess the innovation of noise cancelling and voice enhancing “smart ear muffs” that is being introduced into the market by Sensear (www.sensear.com) and analyse how they relate to the theories.
Q1: Please explain the stage of technology evolution of the Sensear ear muffs. What kind of technology is it (with respect to related theories)? What competition does Sensear face?
Q2: Please review what markets have started adopting the product, and what stage of adoption/diffusion you think the Sensear product has achieved in those markets. Has Sensear crossed the chasm? What methodology of forecasting market demand would you recommend to Sensear?
For question 3 and 4 please travel back to a time when Sensear’s technical development reached a point where a prototype demonstrated that the technology “works”, and expenditure for R&D to develop a commercial product is about to be made.
Q3: Assume you were in charge of market research for Sensear, and you were charged with researching customer needs and selecting the target market(s), and your findings would be used to determine product features for the initial market entry. Please explain how you would conduct your market research to determine customer needs and target markets. Do you agree with the market segmentation evident from Sensear’s website now? Are there any markets missing? Can you think of additional markets for which a 2nd generation product should be developed?
Q4: Assume you are the CEO of Sensear, the board of directors has just approved the go ahead for commercial development of the product, and sufficient funds to do so have been raised. How would you go about managing the commercialisation risk? [please also assume that the technical risk is “minimal” and that Sensear has strong patent protection for the technology in place].
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