A

Mini Project Report

on
INNOVATIVE IDEA FOR PRODUCT OR
SERVICES
Submitted for partial fulfilment of award of
MBA FIRST YEAR
degree
In
H&R AND MARKETING
By
RAVINDRA UPRAITY
Under the Guidance of

Mr. Vinay Gupta Sir

(HOD MBA DEPARTMENT)

ESHAN GROUP OF INSTITUTIONS, FARAH, MATHURA

MARCH, 2021

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 CERTIFICATE

Certified that RAVINDRA UPRAITY has carried out the project work presented in
this report entitled “INNOVATIVE IDEA FOR PRODUCT OR SERVICES” for the
award of MBA degree from Dr. A.P.J Abdul Kalam Technical University, Lucknow under
my Guidance. The report embodies result of original work and studies carried out by Student
himself and the contents of the report do not form the basis for the award of any other degree
to the candidates or to anybody else.

Date:

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 ACKNOWLEDGEMENTS

This is a great opportunity to acknowledge and to thanks all those persons without whose
support and help this project would have been impossible. We would like to add a few hurtful
words for the people who were part of this project in numerous ways.

We thanks our HOD sir for his indispensible support and encouragement though the project.

We would like to thanks to my mini project guide for his indefatigable guidance, valuable
suggestion, moral support, constant encouragement and contribution of time for the
successful completion of project work. I am very grateful to all faculty members for
providing support and all the facilities needed during the project development.

We thank our teacher and HOD sir for their indispensable support and encouragement though
the project. We would like to thank project guide & all those who helped me directly or
indirectly.

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 Contents

S.NO PAGE NO.

1. What is Product ……………………………………………………………6

2. What is Product or Services………………………………………………..6
2.1 Tangible or Intangible…………………………………………………..6
2.2 Production vs. Interaction ………………………………………………7
2.3 Perishable and Imperishable…………………………………………….7
2.4 Growing Demand for Product and Services……………………………..8
3. What is Creativity……………………………………………………………8
3.1 Its ability………………………………………………………………….8
3.2 Traditional way of thinking or acting…….………………………………8
3.3 Develops new and original thing…………….…………………………..9
4. What is Creative Product…………………………………………………..9
4.1 Creative Thinking………………………………………………………..9
4.2 Importance of Creative Thinking………..……………………………….9
4.3 What are the Creative Thinking Skills………………………………….10
5. What is Innovation…………………………………………………………10
6. What is Innovative Product………………………………………………..10
7. Innovative or Creative products ………………………………………11
7.1 RFID Reader Module………….……………………………………………11
7.2 Cable Drop Module…………………………………………………………12
7.3 Sofa Arm Tray………...…………………………………………………….13
7.4 Rainy Pot…………..………………………………………………………..13
7.5 Magic Clean...……………………………………………………………….14
7.6 Bio fire Plane……..…………………………………………………………15
7.7 Company Fitted mobile charger for 2 wheeler vehicles…………………….15
7.8 BLDC motor or Ceiling fan…………………………………………………16
8. Conclusion………………………………………………………………….17

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 List of Figures

S.NO PAGE NO.

Fig (7.1) RFID Reader Module…………… ……………………………………..11

Fig (7.2) Cable Drop Clip…………………………………………………………12

Fig (7.3) Sofa Arm Tray……………………………………………………………13

Fig (7.4) Rainy Pot…………………………………………………………………13

Fig (7.5) Magic Clean……………………………………………………………..14

Fig (7.6) Bio Fire Plane……………………………………………………………15

Fig (7.7) Company Fitted Mobile Charger in 2 wheeler………………………….15

Fig (7.8) BLDC Motor or Ceiling Fan……………………………………………16

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1. What is product?

A product can be classified as tangible or intangible. A tangible product is a physical object

that can be perceived by touch such as a building, vehicle, or gadget. Most goods are tangible
products. For example, a soccer ball is a tangible product.

A product is the item offered for sale. A product can be a service or an item. Every product is
made at a cost and each is sold at a price. The price that can be charged depends on the
market, the quality, the marketing and the segment that is targeted.

An article or substance that is manufactured or refined for sale.

2. What is Product or Services

A product is a tangible item that is put on the market for acquisition, attention, or
consumption, while a service is an intangible item, which arises from the output of one or
more individuals. Although it seems like the main distinction between the two concepts is
founded on their tangibility that is not always the case. In most cases services are intangible,
but products are not always tangible.

2.1 Tangible vs. Intangible

Assessing the quality of a tangible product is very easy. Since most products are countable,
touchable, and visible, a consumer can assess its durability by examining it. A good case in
point is when an individual is buying a home. The buyer will check every nook and cranny of
the house, including the attic, basement, foundation, each individual room, and more.

In contrast, a service is not something that one can feel or try out before paying for it. Say an
individual needs a professional inspector to identify any hidden issues before deciding to
purchase a home. Just how experienced is the inspector with regard to plumbing, roofing, and
other structural matters?

In a nutshell, the client lacks sufficient knowledge about the inspector’s expertise until the
task is already in progress. The customer can read online reviews, ask for the inspector’s
credentials, as well as before and after pictures of his previous work, but there’s no definite
way of evaluating the quality of a service until it’s rendered.

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2.2 Production vs. Interaction

A potential car buyer usually checks the car’s body lines, feels the leather used on the seats,
and takes the car for a test drive before deciding whether to buy the car or not. Since it’s a
product, the buyer is aware of the specific production line the vehicle hails from, and there
are many more like it. In fact, there are other cars identical to the one being bought.

But what about the service the car buyer receives from the car dealer? The way a car
salesperson interacts with one buyer is not the same way he interacts with another buyer. If
the car buyer is lucky, he may find a salesperson that is well-informed, courteous, and is
willing to negotiate. If he’s not, the car salesperson might be one who lacks information or
behaves in a nonchalant way.

2.3 Perishable vs. Imperishable

The best way to illustrate perishable products is to consider a restaurant owner. If such an
individual does not understand the concept of Spoilage literally means wastage or scrap that
occurs during the manufacturing process or is badly damaged material that is used for
processing a product and waste reduction, he risks ruining his business since most fresh foods
spoil within a few days. Another example is technology. Even some intangible products like
software become obsolete at some point. Imperishable products include items like jewelry
and automobile parts.

However, does the distinction between perishable and imperishable exist in services?
Services can be described as perishable but not imperishable. A perishable service simply
means that it’s short-lived. Ideally, such a service is consumed as soon as it is produced.
Unlike products, the service cannot be stored for later use.

Perishable services are such as airline flights, auto repair, theatre entertainment, and
manicures. If an individual purchases an air ticket for a particular day, and then he suffers a
cold and is not able to travel, the ticket expires. The perishable attribute of some services
makes it hard to balance supply and demand Supply and Demand The laws of supply and
demand are microeconomic concepts that state that in efficient markets, the quantity supplied
of a good and quantity.

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2.4 The Growing Demand for Products and Services

Based on history, it is evident that producers need to adapt or replace products once they
become outdated. Consider the way websites and e-books have replaced paper books or how
compact discs have replaced cassettes and DVDs. In other instances, services have also
become a substitute for certain products. For instance, the streaming services offered by
entertainment firms like Netflix are now preferred by many to DVD and cable or satellite
television programs.

3. What is Creativity?

Creativity is one of those traits that people seem to have an intrinsic understanding of, but if
you actually ask them to define it, they get tripped up. It’s easy to come up with a list of
creative people (Frida Kahlo, Steve Jobs and Steve Wozniak, Einstein), and the outcomes of
creativity (a novel, an invention, a new way of looking at the world), but it’s difficult to wrap
your head around the actual concept of creativity. The more I researched this article, the more
I realized creativity is an incredibly nuanced phenomenon.

Creativity is the ability to transcend traditional ways of thinking or acting, and to

develop new and original ideas, methods or objects.

3.1 Its ability

It’s also an ability to run a mile, or to do calculus or recite a Shakespearean sonnet (Shall I
compare thee to a summer’s day?). So creativity is a skill that is specific to an individual. For
some people, it might seem to come naturally, but it is something that anyone can improve at
if they give it the time and effort.

3.2 Traditional ways of thinking or acting

Transcending means you’re going above and beyond. It’s recognizing the limitations of what
already exists, and trying to improve upon it.

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3.3 Develops new and original things

I think the key word here is develops. Creativity goes beyond imagining: it’s about
developing. If it’s an idea, you go out and do the research to prove it. If it’s a new process
you try and test it to see if it works. If it’s an object, you build it.

4. What is Creative Product

An idea or object produced from creative activity in a certain domain.

4.1 What Is Creative Thinking

Creative thinking is our ability to look at ideas presented or a scenario, and find new
alternatives that solves the problem. Best of all this skill isn’t bound to the creative people
like designers, musicians, or other artists. A lot of people can benefit from thinking this way
from time to time. They can also receive a number of benefits on top of a wide variety of
ideas that can spark change.

Creativity is, therefore, our ability to form something new out of what’s presented. It’s our
ability to think differently and provide new angles and perspectives to a solution. This can
translate to a new solution that wasn’t there or even the realization that a problem doesn’t
need a solution at the moment or at all.

4.2 Importance of Creative Thinking

True that many people may not care so much about new solutions or angles but that’s the
point. Our brains have a natural tendency to fall into certain ‘shortcuts’.

Have you ever been in a situation where you hear or learn one piece of information and you
use it all the time?

I bet you have, since we don’t need to relearn how to use a knife or a fork.

That way of thinking does have its perks in those situations but has some drawbacks in other
situations. This is especially true with problem-solving.

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Creative thinking and creative thinkers are needed in those situations because it pushes out of
that linear way of thinking. It encourages us to look at other perspectives and even open up to
the idea of new solutions.

4.3 What are the Creative Thinking Skills?

1. Perception & Empathy

2. Analytical

3. Open-Mindedness

4. Organized

5. Communication

5. What is Innovation

"An idea, practice, or object that is perceived as new by an individual or other unit of
adoption" According to Kanter, innovation includes original invention and creative use and
defines innovation as a generation, admission and realization of new ideas, products, services
and processes.

Innovation is commonly defined as the "carrying out of new combinations" that include "the
introduction of new goods, new methods of production, the opening of new markets.

6. What is innovative product?

Product Innovation Definition First and foremost, the definition: Product innovation
represents a new way of solving a problem a high number of consumers have. There may be
no products at all on the market that address the issue, or there may be other products already
on the market that address it in a different way.

According to Business Dictionary, “product innovation” is defined as “the development and

market introduction of a new, redesigned, or substantially improved good or service.” It's not
only about developing something new and original; it's also about taking what's already there
and making it much better.

The development of new products, changes in design of established products, or use of new

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Materials or components in the manufacture of established products. Numerous examples of
product innovation include introducing new products, enhanced quality and improving its
overall performance.

Creativity is the ability to develop new ideas and to discover new ways of looking at
problems and opportunities. Innovation is the ability to apply creative solutions to those
problems and opportunities in order to enhance people's lives or to enrich society.

7. Innovative and Creative Products

7.1 RFID Reader Module

This is the low frequency (125 kHz) RFID reader with serial output with at range of 8-12cm.
It is compact unit with built in antenna and can be directly connected to the with PC using
RS232 Protocol.

Fig (7.1)

Features

• Serial and TTL output.

• Along with two RFID cards.

• Excellent read performance without an external circuit.

• Compact size and cost-effective.

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 Applications

• Access control

• Handheld readers

• Asset management

7.2 Cable drop clip

If your cable cords are always tangled and keep dropping after you've unplugged them from
the laptop, this is what you need. Manage your cables easily by pinning them on these cable
drop clips, and keep the mess away.

Fig (7.2)

7.3 Sofa arm tray

You know that the sofa arm rest is not a place to balance your coffee mug, but that temptation
gets irresistible at times, especially while watching TV or reading a book. Well, this sofa arm
tray helps you ditch that itch.

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 Fig (7.3)

7.4 Rainy Pot

This innovative gardening gadget. Rainy Pot waters the plant in the exact required amount for
optimal health. The system is simple; this beautiful colour pot comes with hanging plastic
dispenser in the shape of a cloud. When filled with water, the cloud drops down the water
through tiny little holes slowly neither too filling nor too drying for the plant. This ingenious
design inspires us to connect with nature by the engaging view of clouds and raindrops, right
inside your apartment.

Fig (7.4)

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7.5 Magic clean

A jelly cloth helps you cleaning the harder places much easier. Simple Cleaning Products
(who manufactures cleaning products), this jelly cloth can easily reach small gaps in the
keyboard, calculators, computers, laptops, car vent, etc. All you need to do is to press it on
the device to be cleaned and take it out. Due to its structure, this reusable material easily
removes dust, hairs, and food which rest in the small gaps. This product is also environment-
friendly and easy to clean.

Fig (7.5)

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7.6 Bio-fireplace

In the recent days, modern apartments can hardly be equipped with a classic fireplace that
runs on wood. Hence, many people are opting for electric fireplaces. With this product, you
can run cosy and relatively small fireplaces anywhere around the home, especially without a
chimney. Bio fireplaces are named after their usage of environmentally friendly fuel ethanol,
which is produced from sawdust. This stainless steel or ceramic spirit lamp is odorless and
smokeless. Similar to a wax candle, it is harmless.

Fig (7.6)

7.7 Company fitted mobile charger for 2 wheeler Vehicles

In fact they are used to charge the batteries inside the mobiles by providing them a low level
DC voltage and current. ... There may be different types of chargers used to charge different
mobile phones but the key functioning of those all are almost same.

Fig (7.7)

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7.8 BLDC motor or ceiling Fan

BLDCs are more efficient and require lower maintenance than brushed DC motors. Learn
why they have replaced brushed motors in a range of applications.

Fig (7.8)

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 Conclusion

Innovation, creativity as well as analytical skills is highly essential in managing and

succeeding in a business. Most of the successful companies like Apple, Hewlett Packard and
many more have always been the result of a successful partnership between a creative and an
analytical leader.

The ability to creative or innovate is what enables us to impact, influence and change what
around us and is exactly what we need to be able to succeeds.

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