Running head: MILLION DOLLAR IDEA 1

Million Dollar Idea

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Running head: MILLION DOLLAR IDEA 1

Million Dollar Idea

Question 1

One of the products that I would like to have revamped is the iron box. The current iron

boxes in the market have a temperature regulator to be manually adjusted depending on the

fabric that is being ironed. My idea of an ideal iron box is one that would sense the kind of fabric

to be straightened and adjust temperature accordingly. The advantage of such an iron box is that

it would minimize damage on various items of clothing, sparing the user the time of having to

adjust the knob every time. Additionally, for highly susceptible fabrics such as linen, silk, and

items made from fur would be heat protected.

Question 2

Psychographic segmentation would be applicable for this product in various households’

households (Lei & Moon, 2015). Additionally, the product would be necessary for laundry

stores. Ironing clothes in families would become more comfortable and at the same time save on

time. Additionally, laundry stores would find it easier to use the new product minimizing damage

to the items of clothing. Most importantly, the product would not be damaged easily, as, in the

past, difference in temperature regulation has posed to be the main challenge.

Question 3

The main barrier to entry of this product would be resistance from the current users.

Users have already identified with the current form of the product. Therefore, introduction of

new technology would be faced by resistance. Additionally, due to automatic fabric detection,

the latest products are expected to be more expensive than the already existing ones.
Running head: MILLION DOLLAR IDEA 1

Reference

Lei, N., & Moon, S. K. (2015). A Decision Support System for market-driven product

positioning and design. Decision Support Systems, 69, 82-91.

Responses to Katherine

In your post you have intricately identified a product that has not been present in the

current market. I like how you have elaborated on the new features of the products indicating the

problems it would solve. It would be interesting the conveniences that would be brought about

by the product.

Additionally, the market segments for which the toothbrush is made for is well-identified

pointing out the features that would interest age groups. In essence the product will target the

market depending on the different ages. I like how the products will suit the needs of various

market segments with varying features for children and adults.

Irrespective of the suitability of the new product, you have identified the different factors

that would limit the entry of the product into the market, such as competition from other

established brands. Similarly, it is indeed evident that the users will need to acquire the product

more frequently.

Response to Precious

The idea of a cordless Wi-Fi iron sounds interesting. Indeed, the current society has most

of the product innovations based on the internet. Therefore, it would be an interesting innovation

to have an iron that is connected to the internet. However, it would be necessary to review the

possible workability of such a device as to would be revolutionary.

Essentially, behavioral segmentation is likely expected to work for this product as most

people who aspire to have such a device would have to be those who are interested in
Running head: MILLION DOLLAR IDEA 1

technological innovations. Acquiring such a device would require an individual to budget for it

and study its usability.

Your product faces various factors that would hinder entry into market. For instance,

integrating that technology would be difficult. Also, testing the workability of such a device

would be difficult, and I, therefore, suggest more research to study how the device would be

created.