Designing a product that can be sold into a consumer market place and is compliant with industry standards and regulations and fits well into the existing market place

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Answer the questions below basing on the project case presented
Caledonian Enterprises is a company which specialises in developing products, either new or modified versions of existing products, where they identify gaps in the market. For example two products developed were (i) electric motors for bicycles to make cycling easier and (ii) a more energy efficient kettle. You are part of a Caledonian Enterprises team looking for new ideas, new products to develop. The product must be able to be sold into a consumer market place. As such, it must comply with industry standards and regulations and fit into the existing market.
You are to produce a design for a simple product. It must not be the same as your group project. Take for example some everyday artefact and consider how it could be improved. Perhaps get your inspiration from a hobby or sport you enjoy. Do not just copy an existing design. Typically the sorts of products which you may choose could be:
• A product for the motorist.
• A device for home entertainment.
• A product based on computer or mobile phone technology.
• A gadget to save or generate energy.

What is required:
• Generate a number of ideas for product concepts. You can then use parametric analysis to select the most suitable idea for the market. The product needs to be a physical product and not just an “app” as a manufacturing scheme and cost basis will be developed as part of the business case.
• Analyse the customer and market, for example:
o Who are the potential customers and what do they want?
o How much will they pay and how many will they buy (sales forecast)?
o Who are the potential competitors and what do they offer?
o What is the cost of competitor’s products and how many do they sell (market share)?
• Design the product and produce :
o A description of the design which should include:
▪ A description of how it works.
▪ Dimensioned Engineering Drawings.
▪ What materials/components are used to build the product?
▪ A picture/image of the product suitable for presenting to a “Dragon’s Den”.
▪ A Bill of Materials.
• Develop a Manufacturing Plan, for example considering:
o The make or buy decision.
o EOQ.
o Assembly line balancing.
o Job Shop, Batch etc.
• Develop a Sales Plan, for example considering:
o Sell the product via the internet.
o Sell the product through established wholesale/retail outlets.
• Develop a Financial Plan, for example considering:
o Monthly financial prediction for the first three years of product development and sale.
o How much capital will be required to develop, build and sell your product?
o Will this product make a profit / break even analysis?
o What additional development time, personnel and finance will be required from the time of decision to proceed till the product enters the market?
• Write the business plan (to include all of the bullet points above).

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