New Watch Product Development Process
Essay title: New Watch Product Development Process
New-product development process
Idea generation
Nowadays watch is an essential part of human. It performs a social status or lifestyle of user. There are many technique and technology to add to the watch. For example make the watch like a purse, the LED that sticks to the watch as if flashlight, the watch can tell the user positioning, the watch can be a walky talky, the watch can be a telephone, the watch can be the camera, the watch can update the correct time by itself, the watch that use the energy from the heat of human body, the watch which can measure the pulse, prepare the material of watch’s body by use the lightweight material and more that depend on the advance of technology.
Idea screening
There are many technique and technology to add to the watch. The RFID (Radio Frequency Identification) technology is the piece of small antenna as if the small paper which is stick with the product. The sensor duty is detect the product that stick with the small antenna and send the data to the computer to record. Actually the technology can apply. The old duty of RFID is usually use in logistic or warehouse but we move the small antenna to the watch. Sensor which is detect the RFID in the cashier or vending machine like the credit card draw machine. This idea is reduce the equipment the people carry.
The world is very large and human try to develop and extend the city. You can lose although you walk in the city. The technology that serves the convenient to save the time to find a right way is GPS (Global Positioning System). In the past the GPS was develop by the military to make the map in the display that receive the data from the satellite and show the position of user. Actually it is faster than the map paper because the users just guess where they are. This technology can adapt to the watch which is the essential part that almost stick with the hand of user. The watch will tell the positioning of user which is the basic duty of GPS. Moreover there are many functions that add to enhance the GPS. For example record the favorite way which the user usually uses, finding a short way to go to the target and entrepreneur can see the employee who wear the watch.
The basis of watch duty is the machine that display the correct time to user. Although the technology is advance but some watch maybe has a little error in the mechanism that effect to the time that display. If the watch can receive the data from the satellite the time data should send to the watch to update the time.
Concept develop and testing
The company try to produce the watch that can have many advantage since last 4years. And from the our performance we can achieve it by produce the watch name “Adventure watch” that suitable for the travel people who like comfortable. This watch can tell you where you are and can pay money for you not only that every where when you go this watch can update the time by automatically. So this reason the adventure watch can make benefit to the travel people with GPRS, Credit card online and automatic update time. Credit card online with SCB (Siam Commercial Bank)
Business analysis
The adventure watch is focus on people who is moderate statement because this group it very large in market share and power to buy. Our company use penetration pricing strategy to extend the sale growth because there are many competitors in this segment ,sport watch, so penatration pricing strategy is appropriate strategy to penetrate to gain the market share and company can establish a brand to be familiar in the society of people who love to travel and adventure life. The price will approximate 20,000 ฿ in the first year. Then next year the price will increase to 25,000 – 30,000 ฿ which depend on the more function that the company will add to the watch or the action that customer will act to the price of product. Suppose the sale volume will be 5000 pieces in the first year then the price will be increase that effect to the sale volume but the company should issue the new function to stable the sale volume. The company use distributor both specialty store and department srore. The cost of watch is not only depend on the raw material but it depend on the contract that deal with Garmin company because our company is the watch producer and the Garmin is expert on GPS. It is good to deal with the company which is skillful about GPS to satisfy