Question

Write a script pitch of a new product or service to an existing company of your choosing. Demonstrate your target customer, the problem you are solving, the value of your idea, and the revenue potential of the target you selected. Be sure to discuss differentiation and the existence of competition.

Answer 1

A new product or service to an existing company of your choosing

New products and services are the lifeblood of all businesses. Investing in their development isn't an optional extra - it is crucial to business growth and profitability.In product development strategy, a company tries to create new products and services targeted at its existing markets to achieve growth. This involves extending the product range available to the firm's existing markets.

To succeed as an entrepreneur, you must develop the ability to select and offer the right products or services to your customers in a competitive market. More than any other factor, your ability to make this choice will determine your success or failure.

There are thousands of products and services available to consumers today. And there are unlimited opportunities for you to enter the marketplace and compete effectively with a new product or service that's better in some way than what's already being offered by your competitors. your skill at choosing that product or service is critical to your success.

To successfully develop new products or services for your business, you will need to coordinate your new product development activities as effectively as possible. By productively performing each of these activities, you will be able to develop new products or services from concept to market introduction sooner than you thought possible.

Demonstrate your target customer:-

1. Create a customer profile:-Age:This is important, because customers in different age groups will respond differently to how your product is designed and marketed.

Income level:-Knowing how much disposable income your customers possess should directly influence your marketing strategies.

2. Conduct market research:-There are two main types of marketing research: Quantitative and qualitative. Quantitative research usually includes phone, mail, Internet or in-person interviews.Qualitative research is usually conducted before quantitative research. Qualitative research is conducted among smaller groups of people. It is more exploratory in nature. The information may be used to narrow the number of concepts a company has for specific products. For example, a restaurant may have four meal arrangements they are considering for one menu item. They can’t conduct phone surveys with all these meals because it would be too expensive.

3. Reassess your offerings:-

• Which features and benefits are most likely to attract new business?
• Which may be of less interest or even actively discourage new customers?

This analysis can lead to valuable modifications to your offering and yield new business.

Every six months or once a year, do some additional primary research and refine your customer profile accordingly. As the marketplace shifts and evolves, your ideal clientele may change with it. Get ahead of the curve, and you’ll also be one step ahead of your competition.

The problem you are solving:-

The starting point for estimating market size is to understand the problem you solve for customers and the potential value your product generates for them. This is an aspect that many startup founders in the innovation community tend to overlook, since they get excited about the product they’ve developed without thinking about how it benefits their audience.

Depending on your technology, you may have to choose which customer problem to solve first. If this is the case, completing the exercise below may help you better grasp the market size for each application. This will make it easier to prioritize which problem to solve first.

The vallue of your idea:-

A good idea is exactly that, good. People can create hundreds of ideas but this doesn't mean any of them are good. Because so many of the parts of a startup have become systematic, the most valuable thing now is a tool to determine the value of an idea. What we need is an idea to value ideas.

Ideas are easy to discount. Especially since an idea only takes a moment to produce while a company takes years to build. There are a lot of good ideas out there. But there are also a lot of good operators. You need both. The companies that win don’t have only one or the other; they have both. All parts of a business are based on a systematic process. It becomes crucial then to have a tool to determine the value of an idea.

Most of the time, good ideas come from the most unexpected corners of the business. But functional and geographical boundaries make it hard for employees to work together. Making innovation collaborative in your organization will increase the chances of unveiling good opportunities.

The revenue potential o the target you selected:-

1.Measure your sales activities

2.Improve your close rate

3.Reduce the length of your sales process

4.Increase your average sale

5.Prospect consistently

differentiation and the existence of competition.:-

Differentiation allows you to provide superior value to customers at an affordable price, creating a win-win scenario that can boost the overall profitability and viability of your business. Our research indicates there are six primary ways to differentiate, including product, service, channels of distribution, relationships, reputation/image, and price.

However, not all differentiation strategies are equally effective, and some methods may be more important to invest in than others in order to stand out from the competition.

The goal of this tactic is to help businesses develop a competitive advantage and define compelling unique selling propositions (USPs) that set their product apart from competitors.

Product differentiation helps your organization focus on the unique value a product brings to its users. If no effort is put into a differentiation strategy, products risk blending in with a sea of competitors and never getting the market hold they need to keep going.

This is because any aspect of your product can be a differentiating factor. We usually think first of marketing because it’s marketing who focuses on product positioning and is often the first touchpoint for a customer or prospect. However, differentiation is more than just how marketing positions the product—every single customer touchpoint is an opportunity for differentiation.