In this assignment you will identify a gap for a new product or service concept that you could introduce into the Australian market. This assignment forms Part A of your demand-product alignment. You will then expand on this concept by completing Part B in the next assignment, Assignment 1B: Demand-product alignment – External component audit and forecast.
You are required to provide a brief overview of a proposed product concept, including the category and name of the product, the brand and associated services.
You will also state the geographic boundary of your analysis (Australia, Victoria, inner-city Melbourne etc.) and an expected price range. You will also need to clearly identify what problem your product will solve and for whom.
2.6 Activity: Product concept development will help you develop a draft product concept.
Structure
You should present your assignment in the following structure, and address each of the following statements/questions:
What is your product and in which category does it belong?
What will you call your product (brand)?
What problem will the product solve and for whom?
Will there be any associated services that will supplement, complement and/or support the product?
Where will your product be available? State the geographic boundary of your analysis.
How much will your product cost (retail price)? For now, a rough estimate is fine.
Data sources must be cited, but no reference to academic theory is necessary for this assignment. You will demonstrate an understanding of what you have learnt through the application of the theory, rather than by reference to it.
Once you’ve finished this, you will then conduct a demand audit to assess the viability of your proposed product or service concept. Draw conclusions from your analysis and finish with a future forecast (Part B).