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Shaver Substitute – Shaving Mask
1. Idea generation
Figure 1 The new concept of shaving masks
Idea generation refers to the discovery of some new business opportunities and to the first thoughts about their utilization (Joia 2007). The idea of shaving mask comes from one online article and the author who complained about having no time for shaving every working day because of the busy life he had in the big city New York, and he joked that it would pay 10 US dollar if his shavers could be in the car each time he wanted to shave his beard. And when this article was read online by one of our team members, she came to realize that there is actually business opportunity for creating a product which substitutes shaver and should be carried easily.
To further explore this idea, we use Google search engine from which we got a lot of useful information about people’s idea about having substitutes for shavers (electronic ones and also traditional ones). In order to screen the ideas because there are a lot of proposed substitutes and ideas regarding what features the new product should be equipped with, we ask several questions to identify the best ideas before we can devote any substantial efforts or resources on them, e.g.: a) what is the market segment that this product is designed for and whether the new ideas could serve these target users better than others; b) Is it technically feasible to manufacture the product. And after the efforts of screening, we identify the “Shaving Mask” as a more feasible product with more desired features to substitute the traditional shavers.
2. Concept development & test
Concept development refers to approaches used to advance concepts for theory development, and is aimed at clarifying existing concepts or explicating new ones (Kim 2010). In this stage of development of the new product that is identified in the first stage, i.e. the shaving mask, we do three major tasks: first of all, we check with the relevant government departments regarding whether there have already been registered patents that share the same ideas with the shaving masks which would totally stop our efforts. But the result is good, there has not been any similar products recorded yet. Secondly, through group discussion we conclude four major benefits which are easy to carry, low costs, meet major sanitary standards and look similar to normal tissues without strong smells (it should not cause any embarrassing to men use in various occasions). Though concluding these benefits, we come to realize that a shaving mask must come together with a wipe; thirdly, we roughly calculate the cost of producing this new product in the initial stage which includes R&D (research and development), relevant patent buying, labor cost, marketing cost and etc.
Another major mission in this stage of the new product development that we had done is the testing of the idea by reviewing this idea with a number of the potential customers who are male and currently working in Kuala Lumpur. Though the sample is small involving only 20 people, the result is positive, 15 out of the 20 respondents agree with the new concept and shows interest in the new product if it could be bought in the stores as well as supermarkets with reasonable pricing.
3. Sale forecasting in KL
The sale forecasting is important not only to evaluate the potential profits but also useful to attract investment in the project to commercialize the product. Based on two major dimensions we draw the following sale forecasting chart: a). the product life cycle; b) size of market in KL.
Chart 1 Sale forecasting in KL and the relevant costs
List of reference
Joia, L. A. 2007. Strategies for Information Technology and Intellectual Capital: Challenges and Opportunities. London: Idea Group (IGI).
Kim, H. S. 2010. The nature of theoretical thinking in nursing, 3rd edn. Germany: Springer Publishing Company.