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 the target market's size, potential growth and relative demographics of the client base, as well as major competitors or obvious potential regulatory issues such as environmental.
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.
1. The new Triangle Solutions product will be a smart-phone that will scan life insurance information, transmit it to the Insurance Company and allow the Insure Phone owner to take out a complete life insurance policy. The pain points felt by the consumer are the medical tests that the person has to undergo and questions she has to answer before taking out a new policy. The need that the Insure Phone will deliver will be a hassle free life insurance cover. The phone will indicate which medical documents or information the prospective consumer will have place on the phone. The phone will scan the information and send it to the Insurance Company. After the application is processed, the Insurance Company will 'deliver' the insurance certificate to the consumer. The consumer can save the certificate on her Insure Phone or can print it.
2. In the US according to 2010 figures, total life insurance in ...
Product Marketing is discussed step-by-step in this solution. The response also has the sources used.