Some things to keep in mind at the outset:
–What is the scope of your market? Is this a product you will be marketing nationally?and thus comparing to products available nationally?or are you considering a service that will be marketed in a smaller region (maybe a few states, a couple of cities, or a given neighborhood)?
–Choose a product or service that is of interest to you and that you have some knowledge of. Have some fun with this one! Some suggestions to get you thinking (though you may certainly choose something beyond this list, especially if you have a particular interest or expertise tied to your own work experience, your personal interests, or your major):
? A healthy low-cost restaurant lunch option
? An exercise and fitness program
? A hair coloring product to make middle-aged women feel younger
? A program that provides services to allow senior citizens to remain in their own homes rather than move to assisted living/nursing home settings
? A device or accessory item to help young parents keep their baby safe
? A food storage product
? A dating or social club where adults can meet
? A facility offering people a way to enjoy their favorite participation sports all year long (i.e., so they can play, not just watch, during the off-season for their sport)
? A specific feature for interior/exterior home design (e.g., garden water features/ponds; closet organization hardware systems; etc.)
? A way for elementary-aged children to carry a healthy meal/snack to school every day
? A productivity program/product for home and office computing (e.g., MS Word, an iPad calendar ?app,? etc.)
? A fun place for people in a given city/area to take their out-of-town visitors for entertainment
? Etc. ??
–The product/service you choose needs to have real-world, real-life competition that is currently available right now.
–Consider the impact of consumers? budgets on both the available options and the new market entry you are proposing.
Once you have chosen a product/service to work on:
–Identify at least THREE but no more than FIVE directly competing products/services. In other words, WHAT existing products/services currently exist and will be the direct competition for the product you?re proposing?
–Prepare a brief proposal in which you discuss each of the existing products/services. In that proposal, talk about the packaging/presentation; the actual product itself (Size? Color? Materials? Durability? Level of quality?economy/everyday/fancy/premium? And so on); pricing; reviews and/or endorsements, for EACH of the competing products/services.
–Based on all of this information, make recommendations to your company?s decision-makers, telling them WHY and HOW the product/service you are proposing is a valuable addition to the marketplace and how this product/service can excel and generate profits for your company.