Nowadays, innovative is an essential advantage in this dog-eat-dog market for every organization. Innovative can be everything that is new and not exist in current market, however in order to fulfill the gap in this demanding market, organizations must be very innovative to come out with new products and services. Organizations nowadays are recruiting employees who are creative and innovative because they are person who have sensitive antenna to sense and observe what the people want and need.
In current market, thermos water bottle is very common for people to store their drinks; because thermos water bottle allows people to keep their drinks cold or warm for a very short period of time. Therefore, there would be a gap exists where the people want to drink cold or hot beverage at anytime and anywhere they want.
To fulfill this gap, DualBottle has came out as it is a thermos water bottle which has the function of heating and freezing the beverage inside the thermos water bottle at anytime the customer wants. In other words, DualBottle will act like a refrigerator to chill the water as cold as it can or heating up the water just like a water boiler.
In the current market, there is no similar product that has the function like DualBottle and this innovative product will bring in another level of convenience to the consumers in the market. Hence, people may want this new product to be in the market.
In fact, water bottle in the current market is only used for storing water and sometimes not even suitable to store hot water as some water bottles have no qualified certificate because it is made of lower quality of plastic. In addition, DualBottle enables people to get hot or cold water easily in their daily activities. In this assignment, we are going to discuss in-depth on market research of DualBottle and also new product descriptions and specifications.
There are several direct competitors for DualBottle which they have the similar types of product in the same market such as heaters, coolers and normal water bottles. In this case, keeping on track on consequential technological innovations is very important for a particular company to maintain a competitive advantage in the market. Firstly, the innovative product will have certain competition and comparatives with those existing and well-known brand like Thermos, Zebra, Camelback, Klean Kanteen, SIGG, Cheeki, Eco vessel and many more. These brands are the direct competitors for the DualBottle because these brands produce quality stainless steel and aluminium water bottles similar to the DualBottle but of course every brand has its specialty of their own products such as the designs, different attractive colors, functions, specifications, future and its outlook. These brands are the main direct competitors for DualBottle because both these products from these brands have the similar functions of heat preservation and have these brands are historical as compared with the new product. Though our new innovative product, DualBottle can reheat and re-chill the drinks; however, the existing of the products can only help to maintain the heat and the warmness of the drinks. In fact, people may be more likely to choose old brand due to brand loyalty and influenced by the power of word of mouth. The brand new product might be very novel yet it is still under the observation period to attract and being recognized by the people. On the other hand, old products are more creditable and always have good comments from one consumer to another consumer.
Beside those direct competitors, there are a number of indirect competitors for the DualBottle. Indirect competitors are the competitors that compete with the DualBottle indirectly. For example refrigerators that can cool the water, this is an indirect competitor because households have refrigerators at home. So it is considered as an...