Preamble
Product idea refers to finding information that is unique about the products that customers want but is not yet availed in the market. A realistic product idea may provide a lucrative business opportunity for an enterprise. It’s important that firms increasingly become innovative and research cautious.
My research is about a motor company GENERAL MOTORS LTD a company that specializes in manufacturing and building bodies for small cars as well as busses. My proposal for product ideas is as follows:
- A bus that changes wheels automatically.
- A bus that links the mass of passengers with the standard fare.
- A bus that detects any weaponry equipment.
These are very viable product ideas that if this company puts into use, then it will be able to survive both in the long and short run.
A bus that changes wheels automatically
In the modern world, there is no such idea, and consumers have been looking for a company where they can be able to get such vehicles. If GM goes ahead to implement this idea, it will be a big milestone in setting the s standard in the industry. This will increase customer satisfaction as well as choice.
A bus that automatically links the mass of a passenger to the standard fare
This will be a big boost not only to the firm itself but also to the stakeholders in the bus industry. It will eliminate cases of fraud as in third-world countries. Again it will significantly reduce the operational costs as there will be no need to employ a conductor. The bus will only have a driver.
A bus that detects weapons
Security has become a major global concern. In countries like Palestine, Iraqi, and Israel which are conflict-oriented, public transport should be guaranteed adequate security. If passengers are assured of their safety, then they will always be locked to a particular transport company and hence a boost. The manufacturing company will record booming sales both domestic and international.
Product development stages
There are four main development stages in a product.
Introduction
At this stage of the product, customers are still very few, and hence low sales volume may be recorded. Competition may also be insignificant, and the firms will be in most cases demonstrating or trying the products to clients.
Growth
During this stage, customers are becoming aware, and therefore the firm might begin realizing some profits, minimizing operational costs. Competition might be intensive, though not conspicuous.
Maturation
At this stage, costs begin to drop significantly while profits rising, sales begin to grow, competition starts to be eminent, prices tend to drop as a result of competitive offerings.
Saturation
This is actually the final stage is characterized by diminishing profitability, the decline in revenues, relative operational costs, and fierce competition. At this stage, a firm must be very careful as the product cycle may come to an end. Product decline should not be taken as a loss as it may provide managers with an opportunity to learn about the market forces and later adjust accordingly. This is why the final stage is important. (Hisrich, et al., 2008)
Alternatives to us of electronic commerce
Once a business desires to go online it should be able to opt for a business model that best suit their core business objectives. There are quite a number of business models that a business can use. They include:
- Electronic malls
- Electronic procurement
- Electronic shops
- Value chain service providers and etc.
All these business models can be used in place of electronic commerce. The GM CO can adopt any of the above models in commercializing the development stages. (Malone, 1998)
Conclusion
Product creativity should be a culture in every organization, especially in a very competitive environment. Products define the position the firm in the industry and can be used as an identity. Employing highly qualified staff with technical competencies is a pre-requisite for creativity.
List of References
Hisrich, R., Peters, M., & Shepherd, D. (2008). Entrepreneurship with business planwriter CD (7th ed.). Boston: McGraw Hill.
Malone.T, Weill.P (1998) Changes in Business Models. Web.