1. Introduce the company and the product/service idea for the new venture.
Heat Seekers Inc. is about to launch a new innovative product to consumers in various markets called the ESU coat. Consumer needs, taste, disposable income, and preferences are the standard drivers for continued advancements in the 21st Century. Technological advancements create windows of opportunity for an entrepreneur to accommodate the needs of the consumer. A venture “provides a complete overview of the product(s), service(s), and operations of a new innovation” (Hisrich, Peters, & Shepherd, 2010). We have advanced from campfires, wood burning stoves, hot water bottles, heating blankets, and the utilization ...view middle of the document...
In countries where the cold can kill, how would you feel as a native to the extreme conditions if you possessed a temperature control? I would like to introduce the soon to be world renown and demanded ESU coat! A one size fits all solar energized, temperature controlled coat made for people who constantly brave the weather elements across the world.
2. Discuss the market opportunity for the product/service.
According to Business dictionary a market opportunity is a Newly identified need, want, or
demand trend that a firm can exploit because it is not being addressed by the competitors
(Finance, 2010). There are few competitors already in existence and the window of opportunity is great piggy backing companies such as Ermenegildo Zenga, Voltaic Systems, Rewae, and Noon Solar. These companies have taken the initiative to introduce solar powered clothing to provide UV protection, battery or wire transmitted outerwear to power appliances, and transforming natural sunlight to recharge small gadget electronics when standard electric power sources are not readily available.
The target consumers will be all winter sport professionals, hikers, hunters, mountain climbers, and consumers in the coldest regions across the world. Market research shows consumers of every age across the world where the temperature falls below 40 degrees Fahrenheit are optimal unsaturated markets. The difference and variation of the ESU coat compared to the competition is the benefit to the consumer as there in no need to recharge it, and the coat itself has a lifetime warranty. This product may be similar with regards to a “coat” but is far more technologically advanced.
3. Discuss the market entry strategy to either a foreign, domestic, or both market.
A market entry strategy is described as the decision to enter a new market as a first mover. Promoting the ESU coat into both foreign and domestic markets is a necessity in order to have a prime position against competitors. To help with the market entry Heat Seekers has retained sponsors in countries that do not speak English as the native language to translate and ensure all legalities are resolved. Companies that will be used to distribute the ESU coat at the onset would be high end stores such as; Outdoor World, Nike, Adidas, Reebok, Modell, LL Bean, Nordstrom, Lord & Taylor, Hanes, and Under Armor Inc. The ESU coat as a new release product will also be made available for sale online to reduce unnecessary overhead cost which if exploited correctly can increase sales globally and minimize any risk of failure.
ESU coat is not tremendously different compared to existing...