Product innovation and management
his is a group assignment so i m take part in Q1
just write about Q1 so no introduction and conclusion are require
i will upload what we found. use that as a guide to write
you need to write the trend of each product segments
� Telecommunication services
� Phone devices
� Accessories
but in the end i would like to choose phone since it is the most potential
Markets � what does the competitive landscape for your product look like?
- What are the main Product market segments
- Who are the major competitors and what are their products
- What are the trends in the types of products being developed and launched
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Please note that you will NOT be coming up with a new product idea. This assignment is about
understanding the consumer, key influencing trends and creating the basis for ideation in
the front end of innovation
PLEASE read the instruction and follow the Marking Rubric
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Product innovation and management
Product and target market
In this report, we have three classes of products for review: telecommunication services,
phone devices, and accessories. Each of these broad product categories has its own
characteristics and individual trends within each age group and target market. The target
demographic for these products is the baby boomers age group. The baby boomers demographic
refer to the people born between the years 1945 and 1960. This is a ready target market for such
products since they have the disposable income to afford such commodities, they are present in
social media, tech savvy, make purchases to improve their lives, they buy goods for both
themselves and others, and are responsive to hipster advertising approaches (Patel, 2017) . As
such they are a perfect market for the products of choice and can conveniently respond to
marketing and make purchases.
Markets – what does the competitive landscape for your product look like?
Main product segments
The main product segments for this analysis are telecommunications services, phone
devices, and phone accessories. For further analysis, however, the focus of this report shall be the
phone devices. The main reason for this selection is that the telephone devices as a product have
the greatest potential for growth in the target market of baby boomers (Deloitte Touche Tohmatsu
Australia Ltd, 2014) . In this regard, therefore, the expected growth, as well as the habits and
PRODUCT INNOVATION AND MANAGEMENT4
characteristics of the baby boomers present a great combination for the product of telephone
devices.
The target market for the chosen product (telephone devices), is baby boomers. It is
among the most attractive consumer segments for the choice product of telephone devices. The
demographics of the chosen market allow for the potential consumers to purchase the products
often. For instance, baby boomers are known to love technology and they will invest in the
products repeatedly (Deloitte Touche Tohmatsu Australia Ltd, 2014, p. 6) . Additionally, the baby
boomers will invest in not only themselves, but also others. The main beneficiaries of their
investments are the generations X, Y, and Z, who are mainly their children and grandchildren
through gifting of mobile phones (Patel, 2017; Deloitte Touche Tohmatsu Australia Ltd, 2014, p.
7) .
The trend in the telephone market in Australia has been one depicting a dwindling use of
feature phones and telephone booths. The decline of such telephone devices has, however,
resulted in the sharp increase in the uptake of smartphones (Market Line Advantage, 2017) . Such
trends have led to spectacular growth records, where the value of the mobile industry was at
$3,405.9 million in 2016. However, after the explosive growth over the past few years, the
industry is expected to grow at a decreasing rate. Industry estimates place the growth rate at –
1.9% for 2021 (Market Line Advantage, 2017) . However, customer desires and expectations that
directly target the baby boomers could shift this trend. A growth of features and innovations that
the baby boomers find helpful could offshoot the expected decline in growth trend in a different
direction.
Major competitors and their products
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Within the mobile smartphone and other related devices segment, there is a notion of an
increased competition. However, trends and market data show that there are four major
competitors in the mobile devices industry: Apple, Sony, Microsoft, and Samsung (Market Line
Advantage, 2017) . However, for the target market of baby boomers, they are more inclined
towards the use of Samsung products as opposed to the preference for Apple phones as in the
case for the millennials (Deloitte Touche Tohmatsu Australia Ltd, 2014) .
Trends in the types of products being developed and launched
Over the years, trends in the mobile devices industry are coming together to prove a
unified theme for the mobile devices in the industry. For the most part, for example, there is an
increase in the screen size as well as the processing power and memory capacity of the mobile
devices. As such, there is an increase in the efficiency of such devices across the market.
(Deloitte Touche Tohmatsu Australia Ltd, 2014)
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References
Deloitte Touche Tohmatsu Australia Ltd. (2014). Mobile Consumer Survey 2014: The Australian
Cut – Revolution and Evolution.
Last Name, F. M. (Year). Article Title. Journal Title, Pages From – To.
Last Name, F. M. (Year). Book Title. City Name: Publisher Name.
Market Line Advantage. (2017, March 28). Australia – Mobile Phones. \
Patel, N. (2017, April 26). Forget Millennials. 7 Reasons Why Baby Boomers Are the Ideal
Target Market.
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Footnotes
1 [Add footnotes, if any, on their own page following references. For APA formatting
requirements, it’s easy to just type your own footnote references and notes. To format a footnote
reference, select the number and then, on the Home tab, in the Styles gallery, click Footnote
Reference. The body of a footnote, such as this example, uses the Normal text style. (Note: If you
delete this sample footnote, don’t forget to delete its in-text reference as well. That’s at the end of
the sample Heading 2 paragraph on the first page of body content in this template.)]
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Tables
Table 1
[Table Title]
Column Head Column Head Column Head Column Head Column Head
Row Head 123 123 123 123
Row Head 456 456 456 456
Row Head 789 789 789 789
Row Head 123 123 123 123
Row Head 456 456 456 456
Row Head 789 789 789 789
Note: [Place all tables for your paper in a tables section, following references (and, if applicable,
footnotes). Start a new page for each table, include a table number and table title for each, as
shown on this page. All explanatory text appears in a table note that follows the table, such as
this one. Use the Table/Figure style, available on the Home tab, in the Styles gallery, to get the
spacing between table and note. Tables in APA format can use single or 1.5 line spacing. Include
a heading for every row and column, even if the content seems obvious. A default table style has
been setup for this template that fits APA guidelines. To insert a table, on the Insert tab, click
Table.]
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Figures
Category 1Category 2Category 3Category 4
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Series 1Series 2Series 3
Figure 1. [Include all figures in their own section, following references (and footnotes and tables,
if applicable). Include a numbered caption for each figure. Use the Table/Figure style for easy
spacing between figure and caption.]
For more information about all elements of APA formatting, please consult the APA Style
Manual, 6th Edition.
