Substantial Modification of An Existing Product My Idea Is Sports Sweatband The objective of the final project is to apply what you have learned in class b

Substantial Modification of An Existing Product My Idea Is Sports Sweatband The objective of the final project is to apply what you have learned in class by forming teams and completing a project. In all cases, projects must be non-confidential, either new-to-the-world or a substantial modification of an existing product, self-sufficient (able to be sold separately), viable (able to manufacture with resources available in the marketplace), and must demonstrate a market need (must show how why a market segment would benefit from the new product). Tangible products are preferred over services and software applications. Assume that you are pitching your product concept to a potential investor. The following is a guideline on what to include in your pitch document but you are to incorporate as much information from each module in the course. A significant portion of your grade will be based on how well you adapt the concepts taught in the course to this project. Keep the information in the document concise but thorough.

My portion of the paper is Part A and B

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Outline

A) The Idea

Description of product
What customer needs will be satisfied? What’s the link between the needs and the product attributes
Processes and analytical models employed to design and develop new product idea, e.g., concept testing, conjoint analysis, focus groups, interviews, lead users. Show quantitative evidence that your product is viewed favorably by your target market
Develop a prototype of the product

B) Launch Plan

a) Product – value proposition, positioning, messaging
b) Price – the rationale behind pricing strategies
c) Place – distribution channels
d) Promotion – Describe efforts to promote the product during launch and beyond
e) Market testing decisions and type of market testing to be conducted

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