Question

Identify a new product that is based on an innovation in technology, and draw up a strategic technical plan for its development. Be sure to discuss the risk factors at each stage, and indicate how you would deal with each.?

Answer 1

Answer:

A new product that is based on innovation in technology is “An electric Car”.

Strategic technical plan for its development:

Idea generation:

The product electric car will take the energy to operate the engine from the lithium Ion Battery. Battery would be installed in such a way that it would be having the enough capacity to handle all of the working of the car that the customer desires from the working of the normal car.

Evaluation of the idea:

While operating on lithium ion battery, electric car should generate enough power to match up the speed of a normal petrol or diesel engine car.

Business analysis:

This car would be suitable to the customers who are not able to afford the increasing cost of oil for their cars given the lower mileage of the cars. Hence, electric car would be suitable for the customers who belong to the middle class income earners to the high class income earners. The car would attract large number of customers as customers are trying to find the vehicles that could save them from increasing cost of petrol.

Development:

Car would be manufactured with adding up of a petrol or diesel cylinder and a battery would be installed in the bonnet of the car. Remaining assembly process of the car manufacturing would be as usual.

Commercialisation:

Car would be sold to the customers through the network of dedicated dealers across the country.

The risk involved at each stage is associated with the battery of the car. If the battery goes down while travelling through the car, there would be alternative source of energy that would charge the battery of the car. This alternative source would be solar plates that would absorb the energy from sun and would charge the battery in the emergency situation. This will ensure the continuous operation of the car.