3 r on pen final
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This document provides details about a group project to design a pen that has an integrated small torchlight and USB drive. It discusses conducting market research to identify customer needs and demand for such a product. It outlines the product design, including how the torchlight and USB drive would attach to the pen and be removable. It also covers marketing strategies, production costs, testing prototypes, and addressing other factors like the environment, technology, competition and regulations. The goal is to create a multi-functional pen that saves space and is convenient for students, travelers and busy professionals.
3 r on pen final
- 1. North South University Assignment Course: MGT 314 Sec: 09 Prepared for: Md. Mofassel Hossain (Mof) Prepared by: H.M.Tanzil Id: 123 1184 630 Iftekhar Ul Alam Id: 122 1168 030 Rashna Shameem Khan Id: 123 0143 630 Tanveer Rashiq Id: 121 0963 030 Md Shirajul Islam Id: 122 0284 030 Md. Abidur Rhman Id: 111 1011 030 Date of Submission: 28th February 2016
- 2. Introduction: A pen is a very common thing to all of us. But, what if a single pen can solve many problems. Our pen will be exactly like one. In our pen there will be a torch so that people can write even in the dark. And there will also be a pendrive on that. The torch will be on the bottom of the pen. It can actually be removed from it’s back. So, one can use it as a torch. And one can also write in dark using the torch. On the other hand the pendrive will be the cap on the pen. If we remove the cap, it can be used as a pendrive. This pen will be very helpful to those people, who are very busy in their day-to-day life and also for the adventures people. As our life is becoming more technology dependent, it will be a very useful pen. Pen can be easily reusable by changing its ink nip. Then we’ll give offers to recollect used pens. Then we’ll modify them with different designs to reduce production cost. Then again all pens are recyclable. So we can easily recycle our pens to make new ones.
- 3. Idea Generation The product that we have selected is Pen with small torchlight and pendrive. The idea of designing and making pen attached with pendrive and torchlight has been generated from intensive research on customer demand by analyzing our own inner thoughts and innovative ideas of designing a pen targeted to consumers who can use small torch light in various situation and also get rid of borrowing extra pendrive. It comes to our mind as a part of existing product development. This Pen attached with pendrive and torchlight will help them use the small torch while electricity isn’t available and also help them to carry their necessary data. Product and Service Design: Pen is one of our most important daily needs. We use pen every day. Some important factor regarding product and service design is given below: Demand: We are going to talk about 3 different and pack in into a package. Pen is undoubtedly the most important part of our life. Wherever we go we take a pen with us. Pen drive has become an important element in modern life because everything is done now a day in the digital format. Torchlight is one of the few old inventions that have not yet vanished over the flow of time. That is why torchlight is also a handy thing to carry. The demands of these 3 objects are extremely high and you might need to carry them differently normally. But we are going to make it all in one package. Refine existing products and services: People all around the world use pen to write. But we are not only providing pen but also providing digital storage and light. So, we are refining the old product and adding some important value to that already have a good demand in the market separately. Develop new product and service: Our product is completely new and it has not yet found in the market. Pen or Pen Drive or Torchlight can be found in the market separately but you will not find all of them as a whole in the market.
- 4. Our Goals: Our goal is to minimize space and hassle of carrying 3 products at once. Also making your life more comfortable. Cost Target: Pen making cost - 5 Taka Pen Drive - 30-40 Taka Torchlight - 15 Taka Overall - 50-60 Taka (all the price is taken as maximum and can be less than that) So, our rough cost target is 45 – 55 taka. But the value it is creating it can be sold at around 80 taka. Construct and test Prototype: The main structure will look like a pen. But we will extend the upper and lower portion a bit. The upper portion where the cap resides we will put a 2 GB pendrive and in the lower portion we will put a small torchlight that will help you write in the dark. Our staffs and employees to find out any defects in the product and refine them accordingly will test the first prototypes. Marketing: We will create IMC campaign with the USP “3 in 1” and focus all our marketing in promoting this factor. We will also promote how this product can save your time as well as make your life more comfortable. Key Questions: 1. Is there demand for it? Answer: There is undoubtedly plenty of demand for this product 2. Can we do it? Answer: This is not that hard to do but making it presentable is more important. And we have creative people to make it more presentable. 3. What level of quantity is appropriate? Answer: We have to do a market research to find out our target customer and the size of the target customer
- 5. 4. Does it make sense from an economic standpoint? Answer: for a developing country like Bangladesh this kind of cheap but pretty useful product is not only logical but also wanted. Reasons for Product and Service Design or Redesign: Product and service design has typically had strategic implications for the success and prosperity of an organization. Furthermore, it has an impact on future activities. Consequently, decisions in this area are some of the most fundamental that managers must make. Organizations become involved in product and service design or redesign for a variety of reasons. The main forces that initiate design or redesign are market opportunities and threats. The factors that give rise to market opportunities and threats can be one or more change. So it is a useful tool for understanding the industry situation as a whole, and is often used in conjunction with a SWOT to assess the situation of an individual business. Economic factors: Bangladesh is one of the biggest population countries in the world and many of them are involved in education. So there will be possibility to do a business. Usage of pen in Bangladesh is high in demand. There are many schools, universities and coaching centers and all students who need pen every day. The pen industry holds a considerable share in manufacturing production. Size, type, color and quality of the pen production units are diverse. International competition like Indian pens and the high quality and low production cost of raw materials will put pressure on small factories to close. Furthermore, most small and medium size factories will not be able to maintain all pollution regulation systems. Chemical recovery will also be tough for them. Therefore, they are high polluting industries contributing to the environmental conditions. Our product is high in demand and the cost of production is average. So we need to give standard price to earn revenue. So there are few opportunities and also threats.
- 6. Political factors affecting the pen industry: Security and strategic concerns, social reasons, hazardous chemicals and environmental impacts: Bangladesh has lot of political problems like strike, blockade etc. so there will be great risk for us to do the business because in strike as the supplies and goods will not be delivered in time. Growth of pen industry in Bangladesh is getting huge day by day. but there are many companies who don’t follow environmental regulations due to the lack of money or proper operating systems. And sometimes suppliers intentionally create lack of supplies to increase demand. Furthermore, political situation in our country also effects on producing. Government taken the bottlenecks of availability of raw materials and infrastructure development. For example, government is helping small companies to maintain environmental rules and regulations from industrial pollution. Social Factors affecting the pen industry: Linked to the economic factors above social changes have significantly impact on the pen industry in relation to changing demographics in terms of the customers it targets. As such then changes in customer’s needs and preferences for quality pen and changing. so preference towards the environment friendly and efficient product has increased the pace of the demand in terms of meeting these needs. Increased globalization arguably has led to customers demanding faster responses to their needs creating much more competitive business fields attempting to satisfy these desires. This is because customers have become more environmental sensitive as well as technique and quality orientated as a result of higher educational levels and income levels creating much more discerning customers in relation to these.
- 7. Technological factors affecting the tissue paper industry: Presently, large pen industries are more efficient, using better and more modern technologies and appropriating economies of scale. Additionally, they provide chemical recovery facilities, which reduce both emissions and external energy requirements, which makes it environment friendly. However, the large industries also face severe basic problems such as high maintenance costs, raw material constraints. Overall performance has been best in medium size firms with regards to average profitability. Competitive: we have already lot of existing competitors. So we offered extra feature like having small torchlights in the pen and USB device on the cap. So it is one of the great opportunities for us to do business. Cost: our production cost is actually low because we mainly focus on outsourcing. So we import raw materials like torch and USB from china. It actually decreases our cost. So it creates another opportunities and competitive advantage to do business. Marketing of the product: We will promote the multi-functional pen in many ways. One of them would be by using the pull strategy. Marketing plays an important role in promoting the product and increase the sales. We will segment this product into various sections. Demographics: Gender: Male, Female Age: 14 and up Occupation: Students, jobholders, businessmen, travelers, people who loves adventures Geographic: Country: Bangladesh City: Dhaka, Chittagong, and Rajshahi (all over) Places available: Major shopping malls, stationary stores
- 8. Positioning: We will paint a distinctive image for the product in the minds of the customers. We will create a demand for it, and use it to drive out sales. We will be communicating that the multi-functional pen is handy, mobile, and saves a lot of space and has the major functions that a student, a traveler, a businessman or a jobholder may need. Promotion: We will be promoting our product using a pull strategy. We will advertise extensively using billboards, newspapers, TVCs, and social media. The billboards will be in the major points of Dhaka city to attract more consumers. We will also be promoting through YouTube where tutorials and instructions will be provided, and a Facebook page will be opened to cater to the questions and problems of the consumers regarding our product. Events: We will be holding a few promotional events at universities and some top tier schools. We will publicize the event by involving media channels to cover the events. We will sponsor school competitions like Spelling Bees and events like Pohela Boishakh, etc. Sales Promotion: For the first week of our product launch, we will keep a discount of 20% in our products to increase the sales. This will motivate the customers to buy the product as soon as it launches.
- 9. Environmental factors: Our product which is pen with pen drive will be eco-friendly and will not have any negative impact on the environment throughout its useful life. Everyone seems to want to be more environmentally friendly these days, so why not cater to our “green” customers with eco friendly pen drive. The bamboo pen drive creates a connection between high tech and renewable tech. Bamboo is a very sustainable material, growing five times faster than other woods while having the strength of steel. As a result, you can rest assured that the data on your drive will be well protected. If you really want to send a clear message that you’re environmentally conscious, consider packaging them in 100% recyclable packaging as well. The bamboo is actually not a tree, as in fact; it is a grass, a grass that grows at an incredible rate. This amazing plant, after it is harvested, you don’t even need to replant them. From the root system new shoots sprout up desperately searching for sunlight and absorbing greenhouse gases found in the surrounding environment. And another “did you know?” fact about the bamboo is that it releases 35% more oxygen than a similar sized regular tree. so that the bamboo pen drive is eco friendly solution. . Our pen in its product life cycle stage will not hamper environment in different stages starting from raw material collection, designing, operations or other processes used to make product, usage of the product and in all other related stages. It will have less energy consumption and waste of the material. It also considers no environmental pollution and low transportation cost in all phases. Once the product has reached the end of their useful lives, the dumping of it must be reduced. Once it has been dumped, it converts materials into hazardous air, water pollution and generates toxic. Instead the useful materials should be kept
- 10. separated and should be recycled in an environmental friendly manner to make some other product from it. We use small torchlight, which is no radiation so it can’t harmful for our environment. Human factors: Human factors examines the relationship between human beings and the systems with which they interact by focusing on improving efficiency, creativity, productivity and job satisfaction, with the goal of minimizing errors. A failure to apply human factors principles is a key aspect of most adverse events in health care. Safety and liability are two critical issues in many instances, and they must be carefully considered. Pen with a pen drive and a small torch with the pen is our product. The pen, which we will use for our product, which is comfortable for users. In certain businesses may seek a competitive edge by adding new features. We are adding 2 new different features in our product. We attach a pen drive and a small torch with the pen. It provides 3 different packs in into a package out. It gives pen a competitive edge by adding new features .Its reduces customer dissatisfaction. Pen is undoubtedly the most important part of our life. Wherever we go we take a pen with us. Pen drive has become an important element in modern life because everything is done now a day in the digital format. Torchlight is one of the few old inventions that have not yet vanished over the flow of time. That is why torchlight is also a handy thing to carry. The demand of these 3 objects is extremely high and you might need to carry them differently normally. We use small torchlight, which is not harmful for user’s health, and there is no radiation in the torchlight so it can’t harm human body.
- 11. 3R: Reuse: When it comes to reuse, pen is one of the most suitable thing to use again and again. After finishing pen’s ink, we can refill the ink or we can buy another ink filled plastic to reuse the pen. Reduce: When those reused pen reach their final stage or maturity stage, we can collect those pen by offering 1 new pen for 10 used pens. And then use some extra furnishing outside of those pens just like using new sticker or something we can make those pens new and usable to the consumer and cut a big cost from pen’s production. Recycle: Pen has many ways to recycling. From our plan, we will try to attach a pendrive and a small torch with the pen. That small torch will be at the bottom of the pen. It will attach to the back of the pen. So, the user can apart it from the pen and use it to have some light while writing. On the other hand the pendrive will be at the top of the pen. It will be attached on the cap of the pen. SO the user can use it separately while using the torchlight. Reliability: We will take continuous feedback from our customers. From there we’ll improve our product to increase its reliability. We’ll find out the errors and all the defects and also the reasons for customer dissatisfaction. Then we’ll work on them, to take the reliability at its best.