Data Modelling

Product Development
Ihort was given the opportunity to develop and market a new type of Voice Recognition Device (VRD) that has advanced capabilities for controlling computer applications based on natural language or spoken command. The over all purpose and objective of this report is to provide feedback and broader view of the market in which our firm was operating   and our performance within the market while developing and marketing the VRD.
It was extremely important for our firm to understand the market, our competitors, the targeted group and the external environment to help us do a better job and maximize our profits. It was prudent for our firm to undertake some vital steps before fully getting into the market place. Some of the steps we had to work through were:

• Assess – identify and clarify primary market strategic objectives and align those objectives with the target market.
• Plan and Design - Design the product to fit customer needs for ultimate success.
• Enable - Train sales managers in the methodologies best suited to the firms goals, maximize profits
• Sustain and grow - Empower our target market, keep the clients long-term and ultimately grow as a firm and maybe capture other markets

We started with the intention of specifically cornering the modern student market. This market was selected due to its constant thirst for new technology; furthermore it was viewed as a market that could make use of the product given the products substantial attributes and functions. The marketing department looked at several survey reports available and assessed some of the needs and wants of this target market and it was clear that students were easy to please with a few changes to the underdeveloped form of the VRD. This target market comprised of college students who could not afford a high price for the product hence it was within our thinking that we would provide most of the basic elements required for the product while maintaining a low price in...