· Problem Statement
· New Product Idea
· Publically Traded Company who will own your innovation
Statement of the Problem.Identify how you arrived at the problem, taking between 300 (minimum) to 500 (maximum) words. You will address questions such as the following: Does the problem have a commonly identifiable name? Is there a root cause of the problem (i.e. obesity for type II diabetes)? How do people currently solve this problem (living with it is a solution, but generally not a pleasant one)? Are people actively seeking out solutions, and do they understand clearly the problem they have? What is it about their current solutions that are not very attractive?
Introduction of the Company.Tell us about the company that you have selected. Make sure your company is publically traded, to ensure you have sufficient information to complete the assignment moving forward. Any exceptions to using a publically traded company must be approved in advance, by the instructor. Provide a company overview (Business Source Complete). Where is the company headquartered? How many employees do they have? What is their stock market ticker symbol? Starbucks is a publically traded company on the NASDAQ Ticker SBUX.Include a SWOT analysis on the publically traded company that employs your team. The SWOT should be in a matrix format and summarized in your own words how the various parts impact your idea.
Is your team struggling with a new product/service idea?Reviewing the company’s weakness or opportunities may help you identify ideas. In Starbucks case, they are focused on a growing office coffee marketplace, looking at expansion in Asia and focusing on health and wellness foods in the U.S. Humm… you now know their problem and guessing with a team conversation you could brainstorm some ideas to solve one of their problems. Do not forget to research the company (annual report to stockholders, notes) to make sure they do not already have your idea.
New Product or Service to be Introduced. What is your product? Create a 15 word (maximum) title to your idea that gives a good clue to the new product or service. Additionally, you will describe your unique product in good detail, taking between 300 (minimum) to 500 (maximum) words. You should identify theindustry,using GICS or Global Industry Classification Standard (Standard & Poors) or NAICS (Wards) of your new innovation. What trends are taking place in this industry (IBIS World) that indicates opportunity for your product. Additionally,identify a minimum of 2 key featuresthat make your product unique from what is already available.
Explain how this product fits with the overall company strategy and answer WHY customers would want to purchase and senior management should invest resources