About a year ago I came up with an idea that could be a possible new product for appliance companies. Although this really has no interest to me, I believe it could be very successful and efficient if implemented correctly. It seems that a certain trend for laundry washers created by companies such LG are getting more and more "green" and modern looking. But, innovation should be about efficiency, not just looks and helping out the environment.
My idea would be to create a product that appliance manufactures could use to store both laundry detergent and fabric softener in. This product would have the capability to hold up to a gallon of both liquid detergent and fabric softener. Once the customer turned on their washer and selected their type of cycle (Normal, Delicates, etc.) as well as the level of clothes being washed (Large or Small loads) the detergent and fabric softener would automatically be dispersed into the clothes. There would have to be a device that controlled the level of detergent and fabric softener dispensed. With this device customers using the new appliance would not have to constantly put detergent in the machine every time they washed their clothes.
Without having an actual company to buy this product, I would need multiple marketing strategies. Since I have already distinguished what my product and place is, my next step is to focus on promotion and price. After the prices for the raw materials and production were recognized, I can then focus on the price that I would sell my product for. Rather then sell these devices separate from the appliances, it would most likely be in my best interest to contact appliance companies such as LG to try and create a contract to be the sole users of my device for use in all of their signature appliances. This would guarantee me a certain wage which is favorable.
Once I find a suitable buyer for my product, the promotion stage would kick in. Advertising would most likely be the largest contribution to my products sales promotion. The advertisements would focus on how efficient the product is and how much time and hassle the consumer would save by switcher to my product and its designated appliances. Then it just up to the consumers to create a publicity for my product.
Product, place, promotion and price are great guidelines to zone in to creating a successful product. But, there are also uncontrollable factors. (Demand, Economy, etc.) How can a producer use the four "P's" to set themselves up for success even when the uncontrollable factors come into effect?
