discussion board reply 24

Please develop thoughtful and articulate reply to the following discussion board by another student:

Discuss your chosen business idea, product, or service and why you think it will be successful in the marketplace in the face of global competition. What is the key differentiating factor between the current marketplace and your proposed business development opportunity?

I work for Davis-Standard which is an extrusion company that builds machines that manufacture rubber and plastic products. Over the last decade there has been significant push towards “green” technology and triple bottom line initiatives. Consumers care more about the environment than they ever have and they are more aware of the steps organizations are taking towards helping the environment and reducing their carbon footprint. Fifty-five percent of global consumers across 60 countries say they are willing to pay more for products and services provided by companies that are committed to positive social and environmental impact (Adams, 2014). The product that I think would be successful is an filter that can be added to the end of an extrusion machine that helps reduce the gasses the machine emits, similar to the catalytic converter on a car.

Currently there are no similar products in the global market and a product such as this could not only increase the sales of new machines but could be a significant factor to the aftermarket group. The product in universal and can be applied to any extrusion machine currently on the market. The key differentiating factor between the current marketplace and this development opportunity is the need and value of the product. Value is a function of intrinsic product features, service, and price, and it means different things to different people (Mullins, 2012). The marketplace does not have a similar product and there is a growing need for a product such as this. The benefits that the marketplace would gain from a product such as this is endless, customers could receive tax exemptions for installing products to reduce their carbon footprint, their employees would be more engaged knowing that the company they are working for cares for the environment, consumers will take notice that the company is taking steps to reduce their carbon footprint.

This product is a need and offers value in the extrusion marketplace. Customers who purchase rubber machines are constantly harassed about the air quality within their factories. A product such as this could change the marketplace. In addition creating a patent on the product could ensure that Davis-Standard gains a competitive advantage in the extrusion market and that they build long-term sustainable growth. The differentiating factor of this product and the current market place is that there is none, there is nothing like this currently in the market but I think it is only a matter of time before a similar product is developed by another company.

Thank You,

Rob Arruda

References

Adams, T. (2014, June 17). GLOBAL CONSUMERS ARE WILLING TO PUT THEIR MONEY WHERE THEIR HEART IS WHEN IT COMES TO GOODS AND SERVICES. Retrieved from Nielsen: http://www.nielsen.com/us/en/press-room/2014/globa…

JOHN W. MULLINS, O. C. (2012). MARKETING MANAGEMENTA STRATEGIC DECISION-MAKING APPROACH. New York: McGraw-Hill.

 
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