Answer to Question #187757 in Management for ytdt

Question

create your own New Technology and respond to the questions bellow 

Describe your new technology -

1. What other companies would be competitors for your product? How would they effect price?

2. Your product is efficient and always sells out, what would be a drawback to this?

3. Are there any seasonal events you could use or plan around for your product?

4. The government sets a price limit on your product, how that affect you as a business?

Answer 1

Answer

To develop a technology that is inherently unique, I need to follow patterns in the innovation process. First, when establishing an antiseptic that would help people in improving cleaning and disinfection of environmental surfaces in hospitals. Therefore, this would help to lower the risk of spreading COVID-19 in hospitals.

1.      Companies such as Kimberly-Clark and Diversey, Inc. would be competitors since my product would be a close substitute with their products. Although the competitors produce the disinfectants at low cost of production, thus lowering their prices to their clients this would affect my price since most clients would go for their products. Besides, I would ensure that the disinfectant is efficient and always reliable by finding the unmet need of the customers.

2.      Drawbacks such as difficulty in accessing the cost benefit of a marketing campaign and additional staff to assist with advertising are the ones I should fix so as to make more sales.

3.      However, I believe during the pandemic I would make more sales due to the high demand of the disinfectants in the hospitals.

4.      Depending with the price limit the government imposes on various disinfectant products, setting up maximum price would favor my business since there would be high demand for my product.