Study Document
Product Development Report the Single Term Paper
Pages:6 (1861 words)
Sources:1
Subject:Technology
Topic:Wireless Technology
Document Type:Term Paper
Document:#20052008
The applications will be similar to the sales community, which will be able to get contact information from the potential customers and partners they meet during professional trips. Finally, to the medical community, the Smart Contact Chip will be presented as a possibility to store vital information in regard to the future patient's medical history, blood type or donor options.
Influences on the purchase
The decision to finalize the purchase will be influenced by various factors, including, but not limited to, the following:
the product features the benefits it generates for the buyer the existence of substitute products onto the market, and the retail price to the end consumer (including the generic price or the promotional price)
Context
The Smart Contact Chip would be successful foremost because of the context against which it will be launched. From this particular standpoint, the nanochip will consist of the latest technological innovations that drive the contemporaneous society and it is yet another major step in becoming a society that no longer requires the usage of paper as a support for transferring information.
The value chain
The primary activity to be realized before actually launching the product is that of prospecting the market in order to identify customers' needs but also the products and strategies implemented by the competition. Then, the information collected will be sent to the R&D department and will be used in the process of product design. The Smart Contact Chip will then be manufactured and launched onto the market, from where the marketing team will once again collect data in regard to customers' and the competition's response to the product.
Getting to market last but extremely important feature that must be considered is given by the channels that would be used to transfer the item from production to the end consumer. In order to achieve this, the company would sell the chips directly to retail customers, but will also make wholesale to companies and other intermediaries.
References
SMART CONTACT CHIP: Product Innovation and Description
Sample Source(s) Used
References
SMART CONTACT CHIP: Product Innovation and Description
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