PRODUCT INNOVATION AND PROMOTION PROJECT
Our assignment is to create and promote an innovative product. In developing a new product, we started with an idea generation. This is a systematic search for new-product ideas. Companies go through many ideas before they come to find some good ones. We had to do the same thing. We thought of many ideas on our own. It was more of an internal idea source as opposed to going outside of our partnership for ideas. Our first idea was a restaurant with half of it an actual restaurant and the other half an automobile tuner shop. The next idea was a new energy drink that would be less costly and better tasting. Our next idea came up when we were sitting there gathering ideas for the project. We were looking in chapter ten of the marketing principles book and reading about the Heinz EZ Squirt ketchup bottles. It popped up that one of the greatest American snacks of all time has not been put into a squeeze bottle like a lot of other products have. That product is peanut butter. This was going to be the idea of our project until we went to the store to buy some peanut butter for our package and we found a bottle of squeeze peanut butter already out. This led us to finding a new product last minute. We thought of what we are interested in. Cars, music, and liquor immediately came to mind.
The next step was to screen the ideas to separate the good ideas from the bad. Every product or service had good points and bad. The half restaurant half auto tuner shop was a very different concept, and with some fine-tuning could catch the interest of some people. The bad thing is that it probably would not catch enough people. It was not a promising idea. The idea of a new energy drink was okay, but there are various kinds of energy drinks already out on the market. To create one that all the other ones do not already say they can do is hard. It did not look that it was a good idea either.... [continues]
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