opportunity ID process

EMBY & ASSOCIATES New Product recommendations for client ‘SmartFit’ Emby & Associates Mohit Panwar, Brenda Burrell Missouri State University 1 Establish a Charter Original Charter Create fitness equipment with included new functionalities to make it unique and increase fitness awareness amongst customers . This product will be launched in our companies annual report conference. Group Discussion This charter has broad room for opportunity generation in the "fitness equipment" and "gaming functionality" phrasing. There was a question around when the annual report c onference would take place so we have revised to the below statement that clarifies the expected timeline for producing a prototype. Final Charter Statement Create a unique new fitness product that will increase fitness awareness amongst customers. A prototype of this product will be launched at our company's annual report conference in February 2017. Generate Opportunities Opportunity 1 - Hardware : With the changing trends, almost all fitness equipment is now available with mobile apps to record acti vity. We could develop a treadmill that will have a built -in LED screen and gaming functionality to engage and entertain user while working out. This equipment can be modified to include compatibility with various fitness trackers such as FitBit or Garmin in order to record all the fitness activity on the treadmill directly to the trackers, even if those are not being worn at the time the treadmill is being used. This treadmill will have built -in WiFi and Bluetooth connectivity, a docking station and a 2.1 channel sound system. Opportunity 2 – Service : Many fitness equipment companies provide live training. Using the same idea, our company can create a comprehensive subscription -based service, which will provide users with an online portal to participate i n instructor -led fitness classes. Opportunity 3 – Software : We will create a mobile app that connects to the treadmill so that the user can enter activity and track his or her progress even when not using the treadmill equipment. This app will have inbuilt activity games, which will encourage movement and activity. This app will include leaderboard functionality to foster a sense of competition. Opportunity 4 – Apparel : We will develop fitness tracking shoes and apparel that auto matically feed data to an app to be created that can be used on any device to track activity without requiring a specific fitness wearable. Emby & Associates Mohit Panwar, Brenda Burrell Missouri State University 2 Screen opportunities Opportunity Pros Cons Hardware  We have complete control over the hardware and software used for the activity tracking and gaming features.  Encourage activity for our customers by creating and maintaining software programs for our specific exercise device.  Connect to social media to post achievements on social networks.  Device will likely be exp ensive to create and retail price will be high.  Market is limited to customers who have funds and space to purchase and store the device.  We'll have to maintain support for both hardware and software issues. Subscription Website  Users can interact with a n actual instructor and get real -time answers to questions.  User can compete in real -time with other users who are online and working with the same instructor.  Foster a sense of community among users who are taking the same "class".  Instructor availability may not match the user's availability – so some customers might not get full value out of subscription.  We will have to maintain broadcasting equipment.  We will have to hire and schedule instructors. Gaming Center App  Hardware agnostic – treadmill not required. Opens the market to users who can afford or have space for smaller devices but might not purchase a treadmill.  Person using app can record activity even when not using our treadmill.  Maintaining score in the game on the treadmill does not require using the treadmill.  Supporting many platforms requires licensing through other app stores such as Google Play and the Apple App Store.  Maintain software when other platforms have major releases (such as iOS 10).  We will have to revise our app when compet itors release updates. Apparel  Users can track activity without needing to purchase a fitness tracker such as a FitBit.  Users do not need to install anything – the shoes will automatically upload data.  Users must be wearing the shoes at time of activity in order for it to be tracked.  Shoes wear out relatively quickly, so we aren't sure if customers will want to invest in the product. Emby & Associates Mohit Panwar, Brenda Burrell Missouri State University 3 Develop promising opportunities Treadmill and comprehensive app We conducted online research on whether any of our ideas are already existing. We found that a product similar to activity tracking shoes is already marketed by the company Under Armour Sports Apparel. Though we can imitate and improve the product, it will be less promising that the other ideas.

We also found s everal subscription -based fitness websites, such as My Yoga Works; these did not offer real -time classes so our idea would improve on that. Virtuix is developing an actual real time gaming prototype, but it more for gaming and less for fitness activities. Our product will be one step ahead of that idea for fitness enthusiasts. There are several fitness apps on the play store. But most of them are either fitness OR gaming. Our app will be a comprehensive one. It will be a ‘Pokemon’ type of gaming app, but will not be dangerous. After reviewing the pros and cons, the team decided that we will be developing a treadmill regardless of which opportunity we select. In addition, the opportunities discussed will involve some sort of software development to incor porate various features, so developing a comprehensive app is also promising. Select exceptional opportunities The team has selected development of the treadmill as the exceptional opportunity, as it is part of all four opportunities. The team intends to develop this opportunity in order to gauge likelihood of success and then develop other opportunities once we 're sure that this effort is successful. Since there are only two team members, voting wasn't really useful; we discussed and decided together to approach treadmill first. Real -Win -Worth It (RWW) Table Question Answer 1. Is there a real market and a real product? Is there a need? (What is the need? How is it presently satisfied?) Yes. (After interviewing some users at a local gym facility, it was concluded that we need to make fitness equipments more involving) Can the customer buy? Yes (Average cost to the customer will be around $700 to Emby & Associates Mohit Panwar, Brenda Burrell Missouri State University 4 $1500 for such equipment) Will the customer buy? Yes Is there a viable concept for the product already? How likely are we to be able to develop a viable concept? Yes Is the product acceptable within social, legal, and environmental norms? Yes Is the product feasible? Can it be made? Is the technology available? Does it sati sfy the needs? Yes Will our product satisfy the market? Is there a relative advantage to other products? Yes Can it be produced at low cost? Yes (There is an acceptable cost range of $550 to $1000 per unit.) Are the risks perceived by the customer acceptable? What are the barriers to adoption? Yes 2. Can we win? Do we have a competitive advantage? Is it sustainable? Yes Is the timing right? Yes Does it fit our brand? Yes Will we beat our competition? Yes Do we have superior resources? Yes Do we have the management that can win? Yes Do we know the market as well or better than our competitors? Yes 3. Is it worth doing? Will it make money? Yes Do we have the resources and cash to do this? Yes Are the risks acceptable to us? Yes Does it fit our strategy? Yes Reflect on the Results and the Process The results of the reflection on our decision making process are as follows:  How many opportunities identified came from internal versus external sources? o All opportunities were generated inter nally.  Did we consider dozens or hundreds of opportunities? o The team considered four opportunities; we did not consider more due to limited team personnel resources.  Was the innovation charter too narrowly focused? o No, we intentionally kept the charter relatively broad to ensure that we could generate an adequate number of unique opportunities.  Were our filtering criteria biased or largely based on the best possible estimate of eventual product success? Emby & Associates Mohit Panwar, Brenda Burrell Missouri State University 5 o We did some market research (discussed with local gym users) and internet research and determined that developing new fitness hardware was the most feasible direction to take in developing a new product.  Are the resulting opportunities exciting to the team? o Yes, both team members are very excited to be developing this product and seeing the final results.