Developing the Best New Product for Your Business Partner - Onramp Phase 1 Guidelines
In the journey towards creating the best new product for your business partner, the onramp phase involves key activities such as establishing teams, conducting initial research, identifying product ideas, and surveying the target market. The process includes team collaboration, market analysis, creating a product pitch, and seeking mentor partnerships to bring the idea to fruition.
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ONRAMP PHASE 1 GUIDELINES Driving Question: What is the best new product you can develop for your Business Partner? ON THE ROAD TO THE PRODUCT PITCH
OCTOBER BUSINESS MEETINGS AND INITIAL RESEARCH Establish teams Identify Business Partners Prepare for your Business Meeting Before your business partner visitation, research your business partner and their competition and have an understanding of the market. Be familiar with BP s Mission Statement Establish team Activity Log doc (aka accountability/evidence for work completed). See slide 4 for details
OCTOBER FOLLOWING BUSINESS MEETINGS Immediately following your business partner visitations, write a team Thank You letter to send to your business partner Branding, Identity and Logo development Team Mission Statement Team SWOT Report Product Idea brainstorm (list of 5-7 product ideas) Narrow product ideas down to top 3 with rough idea of features and benefits
OCTOBER/NOVEMBER - SURVEY QUESTIONS You must also create survey questions and begin surveying (minimum of 80-100 people surveyed 20- 25 per team member) target market survey questions guidelines Required: create a survey to determine whether your idea will be well received from people in your target market (this serves as evidence to support the idea that you have developed the BEST new product for your BP) Optional: You may choose to survey, research and consult people from your target market(s) to help you determine a new product for your business partner
NOVEMBER NEXT STEPS Senior MENTOR partnerships will be assigned before Thanksgiving break Identify Product Idea(s) select top product idea and define details Begin researching ALL the materials it will take to actually make your product (Examples: soy wax vendors for Primal, bamboo for Hamboards, titanium for Iron Grip or non-toxic recipes for cleaning solutions for Simple Green, etc...). Find several different vendors and compare cost and quality of materials On team activity/accountability/evidence shared doc, each team member must keep track of every website he/she consults, every contact with business partner, every source used AND THE DATES/TIMES they were consulted (enter them live-time). This will later become part of your Resources Consulted page.
NOVEMBER SURVEY FINDINGS CHARTS (POSTER SIZE) AND ABSTRACT On the chart, identify the demographics of the market surveyed (gender, age range, etc.) Choose bar graph charts to show comparisons, or pie graphs to show percentages (google online chart making programs) Practice persuasive speaking techniques and appeals Abstract is 100-200 words that describes your product in vivid detail link to abstract ppt
NOVEMBER AND DECEMBER RENDERINGS and/or PROTOTYPE CONSTRUCTION AND WRITTEN PROPOSAL Begin construction of a prototype to represent the new product you are pitching to your business partner. Materials used should be inexpensive, but effort should be detailed, creative and thoughtful. These prototypes can be constructed and/or be in the form of a detailed rendering (drawing). By product pitch, you should have some form of a drawing or as much of your prototype as possible. Final prototype can be fine-tuned and presented at April s final presentation. Assign persuasive written proposal (rough draft due before winter break). Checklist for Persuasive Proposal Preparing your Proposal and Sample
JANUARY - PRACTICE AND FORMAL PRODUCT PITCH Your presentation should include: (See power point presentation titled: OnRamp Product Pitch, a Persuasive Presentation, for details) Introduction of Research and Development Team name Introduction of individual team members Discussion of research conducted to find/develop the best product for business partner Use survey findings charts as proof Showcase prototype/detailed drawing and explain product and its benefits describe in vivid, persuasive and professional detail the product, and all materials it will take to build product compare materials vendors and the bulk price/quality differences Thank the business partner for his/her time Receive feedback
JANUARY PRODUCT PITCH You will be assessed for your: Product Concept Professionalism Preparedness Persuasiveness Participation Presentation Skills
