new product custom essay

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The Red Carpet Alarm Company is founded by four students who had met at university, these students had taken innovation course and came to realize that they could not find a product that would help them wake up in the morning. Even though there were many different products in the market, none of them really helped the individuals actually get out of bed even though they used smart technology. Therefore, they first designed a smart alarm clock and then decided to market it in the State of jaban at the start through Universities and then next they decided that they would expand distribution through the Middle Eastern Region, Jordan in specific. In the last one year that the company has been founded, so far the students have been doing their best to enter the market and have succeeded to a great extent and now are looking at expanding their operations throughout the Jordan through the University network and then through different big box stores. Social media has been used as one of the main media tools to gain publicity for the product and the company.

this is about my product

and this is what i need you to do

Part 1: Background and Problem (0.5-1 page)

Identify an idea or a product to be exported by an existing company. Pretend you are addressing a Board of Directors which will make a decision to go ahead or not with your project based on your first report.

You should describe the company and its marketing situation. To obtain relevant information, search the internet, electronic databases, business magazines and journals, consult library and annual reports. You can also contact the company, talk to people and enquire about existing internal data sources and reports and ask for permission to use them in your analyses. You can enquire from a company whether they have plans to export any of their products.

Describe:

• The company: Select a company and collect brief background information about it; describe the mission statement of the company, company objectives and goals.
• The market situation: present relevant data on target market (s) and products including the composition, size and growth of its segments.
• The competitive situation: Identify and describe the major trends that satisfy similar needs, including their size, goals, market share, product quality, sales. Prices…
• Macro environment situation: Describe socio-economic and demographic trends that may influence the performance of the company/brand/product in the future.

Then identify the company’s strengths and weaknesses as well as the opportunities and threats that the business is facing. In other words, conduct a SWOT analyses. Identify an opportunity for a product/product line that can be exported to a new market (1 page).

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