Question

Think of a product that you would like to have that doesn't currently exist. It could be an improvement of an existing product or something entirely new. Describe the product that you would like and what value it would provide to you and others?

Answer 1

ANSWER:

A product that is an improvement of an existing product or something entirely new are comes under new product development category for a business and needs either creativity or innovation in the business process. Where creativity is the ability to make or bring into existences something new for example a new product, a new solution to a problem, a new method or device, or a new artistic object etc. and innovation is adding something new to an existing product or process. By adding something new to existing product its perceived value get changed of its prospective customers.

Suppose we want a product called car which can run on air or can use air as its fuel instead of petrol or diesel (an improvement of an existing product). By using air as its fuel which is free for all, its running cost will reduce significantly. The consumers have to pay only maintenance cost and no fuel cost is there so this new car is of great value for us and for others also. But this new car is going to increase air pollution in many folds as it will use air as its fuel so may be taxed heavily by the government. In that case its perceived value for its prospective customers will reduce. It’s perceived value will also reduce for the customers who are sensitive to environmental issues.