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Designing New Products

Consider this: Lee Peterson has invented a new product that detects water leaks due to broken pipes and sends out an alarm similar to a smoke alarm. However, Lee has very little personal money to invest in this new product. He finally raised enough money to enter the market and began to experience some success. The product was not patentable because it was too similar to other existing technologies. Major corporations saw his success and have now entered the market with competing products. Provide your perspective on this scenario, and discuss the probable destiny of Lee Peterson's company.

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In business, the objective is bringing forth a unique product to the marketplace that will sustain consumer interest's long term. Thus, the patentable objective is to securing the niche and targeted marketplace before all other companies aiming for the same goal. Business successes provides an opportunity to research and produce the product development even more sufficiently overtime as consumers detect the satisfaction ...

Solution Summary

The solution designs new products for Lee Peterson.