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Business project and project lifecycle example for an innovative product

The material includes a project life cycle and a business project for a new innovative product that needs to be developed and marketed. Such content can be used to create a project lifecycle during the initial planning phases in project management processes.

The first steps in the presentation of an innovative product are the creation of a table with competing companies and their proposals for similar products on the market. It is important to describe the prices of their products. It will also be useful to point out similarities and differences in products.

After the competition has been investigated, we should also consult our customers. This can also be done through statistics of purchased similar products so far.

Distribute product query on social networks

By circulating a product query on social networks, the number of interested customers could also be noted, indicating its advantages over other products on the market.

It would be good to specify the amount to be invested in the project to make it clear how big the distribution market is.

The Project Management Plan and the Business Model

Every project management plan needs a business model. The business model that will be drawn up for the product concerned will be oriented towards the daily life of the consumer. That is, it is important to derive the positives of the many innovative benefits of the washing machine.

Thanks to the Graphical Interface and its own operating system, the customer can use their washing machine just like their computer or phone. In the fast-paced everyday life of each of us, technologies and their development are becoming more common.

It is no accident that one of the most expensive professions is related to the development of new technologies.

And the ability to install additional attachments to the product gives the user extreme freedom to update their washing machine software and use most of its features.

Remote control capability is becoming more common in our home appliances. In the 21st century, we can buy an air conditioner to include on our phone, vacuum cleaner robots, a refrigerator that has a graphical interface and floor.

Every appliance and device that allows us to control our home remotely make our everyday life easier and saves time. And as we know, time is money and should be organized as well as possible.

Business and Users

If we go back to the advantage with the graphical interface, we can add that it not only facilitates and saves time but is accessible and easy to use.

Not every customer is “on you” with the technological world. It is important to think about end customers with lower technological knowledge. When the business is addressed to each of its users and meets its requirements, the business becomes successful.

Advantages

Advantages that can be emphasized about the design and features of the product are: (I present them with the condition that some of them are fully budget-bound.)

Save money

Save money on the fact that artificial intelligence estimates how long it takes to wash your clothes versus how dirty they are (save water, electricity, detergent)

Eco-friendly

Eco-friendly (no need to rotate your clothes every time using the “exact hour, like 2h color washing program” program) the AI ​​estimates how much it is necessary to wash and stop clothes clean

End of the coloring of the clothes, the filters in the washing machine are connected to sensors that judge whether the clothes start to color and reduce the washing temperature.

The user-friendly system nowadays used on tablets and smartphones can also come into play on washing machines. We orient ourselves more quickly with pictures than with old mechanical buttons on the washing machine.

With one click, the customer can open information about each laundry program without having to search through the sheets of paper with instructions and instructions. This also saves paper, which in turn is environmentally friendly.

And if the customer connects their phone to the washing machine, they will be able to receive complete information about their laundry – Time, water/electricity consumed, or start/stop the washing machine remotely from their smartphone.

About product design

The apartments we buy today are getting smaller and saving the space we are trying to use most practically. If the product has a compact size and a clear color to match the colors of your home, whatever they are, it would be easier to market and prefer. Increasingly, the preferred design is simplified and simple.

Technical work of creating a project

Regarding the technical work of creating a project, whatever it is, it is directly related to the budget set. But the word project itself is bound by deadlines. It should take about half a year to set up the project at the outset.

Of course, many peripheral factors are directly related to the task. For example, parts for the product will be made by a partner, a company shop, or a third company that is not directly related to ours.

For the purposes of the project, technicians, workers and partners and their perceptions of the timing should also be taken into account.

One of the key steps to achieving success in a given timeframe is to create a timetable for project implementation.

Testing the product

The work is finalized when testing the product and its possible modifications. Other teams involved in the technological processing of the product are included here.

Presentation to the customer

After the finished product is finalized, it can now proceed to its presentation to the customer. It is natural for the customer to be invited on-site and to present the product in person.

It is important to highlight its benefits, show it visually, and, most importantly, to present the benefits, risks, and expected sales through percentage calculations.

If nothing else, I have realized in my work how important it is for the client to see positive rates, and perhaps the big influence is the green color, which attracts attention to positive evaluations. If, after successful work, we win the customer’s approval, we can successfully draw on the job well done and continue boldly towards advertising.

Marketing activities concerning the project

In the marketing sphere, we can also rely on the professionals in the company. The PR department, if any, is responsible for this, of course.

What catches the eye of an ad is the appropriate image for it, the product information submitted, such as “brand new product”, “new on the market”, “limited quantities at this price” and below.

Known marketing tricks are the form of the product, highlighting an advantage that the competition does not have. Often the product vision helps the advertisement look when the advertisement reminds and resembles the offered product attracts, and more people look at it and give it a chance to buy again.

Recently, the best marketing has evolved online as it is accessible, time-saving, and easily accessible. Another trick would be to offer a replacement of the product within 30 days, if the customer is not satisfied, free delivery, fast delivery within a few days or demonstration of the product and its functions through video.

Monitoring revenue growth, development, and distribution

The process of completing each step should be consistent, monitoring revenue growth, development, and distribution. That is, the work on the project does not end with its creation, but continues even more diligently after that.

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