Explore BrainMass
Share

Explore BrainMass

    entrepreneurship

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Details: Consider the following scenario:

    Develop a written proposal outlining a specific product or service idea you have as the product manager for Triangle Solutions. Triangle's company type and product area have been left unspecified in order to allow you creativity in invention of your own product ideas and exploration of areas of interest in the market. You may not use the same area or idea used in previous assignments. Be sure to include the following in your response:

    1. In the proposal, make a case for your new Triangle Solutions product that clearly states the need in the market, the pain points felt by customers, and the solution the new product will deliver.
    2. Research the industry and market for the product, providing data on its size, growth, and so forth. Ibisworld.com or Standards and Poor's are great industry and market resources.
    3. Provide some ideas for marketing strategies may be used to effectively introduce this product to the market. What channels will be used? What aspect(s) of the product should be emphasized? How will it be priced? How will these approaches achieve results?
    4. Approach this from an entrepreneurial prospective as if you are launching a new venture without your company's support.

    © BrainMass Inc. brainmass.com October 10, 2019, 4:24 am ad1c9bdddf
    https://brainmass.com/business/entrepreneurial-issues/entrepreneurship-458759

    Solution Preview

    Details: Consider the following scenario:

    Develop a written proposal outlining a specific product or service idea you have as the product manager for Triangle Solutions. Triangle's company type and product area have been left unspecified in order to allow you creativity in invention of your own product ideas and exploration of areas of interest in the market. You may not use the same area or idea used in previous assignments. Be sure to include the following in your response:
    1. In the proposal, make a case for your new Triangle Solutions product that clearly states the need in the market, the pain points felt by customers, and the solution the new product will deliver.
    Triangle Solutions will launch assorted chocolate as its new product. This will be a mouth-watering selection of premium chocolates. Premium assorted chocolates have been picked is that this is one product that has not been pushed down by the recent recession. Premium assorted chocolate sales increased during recession because of the lipstick effect. This effect takes place when there is an economic crisis. During such situations people tend to buy less costly luxury goods. The ability of premium assorted chocolates to withstand weak economic conditions has attracted Triangle Solutions to producing and marketing chocolates. When customers do not trust the economy they buy luxury goods that have less impact on their available funds. The pain point is that the customers are hit by the weak economy but luxury products of relatively low value provide a reassurance to the consumers. For example during the recent recession, the sales of expensive beer climbed up.
    2. Research the industry and market for the product, providing data on its size, growth, and so forth. Ibisworld.com or Standards and Poor's are great industry and market resources.
    The new Triangle Solutions product to be introduced is assortment chocolates. These chocolates have been selected for Triangle Solutions because chocolate assortments are one product that was not ...

    Solution Summary

    This answer provides you an excellent discussion on entrepreneurship

    $2.19