Innovative Idea
Name
Institution
Innovative Idea
Solar Power Bank
Solar Power Bank代写 The market for solar power bank is expected to grow to more than $9200 million from $2000 million by 2014.
Summary Solar Power Bank代写
The market for solar power bank is expected to grow to more than $9200 million from $2000 million by 2014 (“Market Talk News,” 2018). The solar power bank is a mobile charger which is charged for a later used when the phone power goes low. With an increase in consumption of smartphones and more people being able to acquire them to access the internet, the power banks are needed mainly by the people living in remote areas or in outdoor activities.
Therefore, with an outstanding more than 80 percent internet user who at least uses a smartphone daily, power bank becomes a necessity for them to keep connected (Meeker and Wu, 2018). As such, the idea of the solar power bank is innovative and offers a solution for an affordable and convenient power source to mobile device owners.
The NOMMAR model was used to evaluate the solar power bank business idea. Solar Power Bank代写
It was found that the market is flooded with electrically chargeable power banks. The solar power bank is a revolutionary idea that will help people in remote areas access to power for their electronic device using solar energy. Since the market for smartphones and the internet is ever growing, the demand for power banks will also rise they both devices are used complementarily. The advantage with solar power bank is that it does not entirely depend on the availability of electric power though it can be electrically charged.
The device is also most efficient in harnessing the green and renewable energy. However, it is expected that the device will have tough competition with electric power banks. Another challenge is convincing consumers of the device’s dual capability of using electric and solar power. Nevertheless, the solar power bank is a new revolution in energy conservation and green energy source.
Idea Identification Solar Power Bank代写
Product Description
Solar Power Bank is a modern concept that harnesses solar energy by storing it to charge mobile devices like smartphones and personal computers. The market for smartphones and other mobile devices is growing exponentially, and thus the demand for products like power banks consumed as complementary goods is expected to grow. Most current power banks are using electric power which at times is not convenient enough mainly in remote areas. Therefore, introducing solar power bank that is both rechargeable by electric and solar energy is evolutionary and solve a common problem. Not only will the device solve energy problem but also contribute to the campaign for greener and renewable energy.
Target Market Solar Power Bank代写
Solar power bank targets users of smartphone and other mobile devices like personal computers. Mostly the product will focus on young consumers who are tech surveys and use electronic devices in a variety of ways which necessitate them to have power banks. The power bank market grows as more and more young people can afford electronic devices. Also, people have become environmentally aware and the need to use sustainable energy that is friendly to the environment. The device will be affordable by wide allay of electronic device users.
Idea Evaluation Solar Power Bank代写
The idea was evaluated using NOMMAR model. The model is an abbreviation for customer needs, technology options, potential market, business model, realistic approach, and relevant. The first question for evaluation to ask whether the product solve the customer needs. The power bank need is an emerging need that the product seeks to serve. Most smartphones have problems with power storage and capacity. Depending on the usage, a mobile device can last at most last for two days with most lasting for hours.
As such, most mobile device users want a rechargeable back-up to power their devices. Although there are other power banks in the market, they are mostly dependent on electric power which at times might not be convenient. Thus, introducing a dual power bank which is solar rechargeable will solve the problem. Besides, serving the power needs, the product will solve the emerging concern for renewable green energy.
The next evaluation is technology options. Other existing technologies can meet the need, but they use different approaches. Solar Power Bank代写
The market has electric powered power banks produced by various companies. However, these devices lack solar charging technologies. Therefore, it leads to the next evaluation of the potential market for the product. The solar power bank is a new device in a growing market. The product is innovative and integrates modern environmental solutions. Although it might face resistance, the increasing demand for power banks is insatiable.
Moreover, the product will use a variety of business models which has been tested by existing technology companies. After production, the product will be distributed through contracted distributors operating under the company name and link with the retailers and final consumers. The company will carry its promotion and marketing campaigns. The company will keep innovating the device to fit the market preferences on designs and durability.
Besides, the product fits the three Rs, that is, resources, risk, and resistance. Solar Power Bank代写
There are enough resources needed to develop and produce the product. The product does have a lower risk of failing to penetrate the market as it is large and competitive. Thus, no likelihood of market resistance. The product production will be privately owned and funded. Generally, the product fits with both the business strategy and image and hence relevant to pursue production and market.
References Solar Power Bank代写
Market Talk News. (2018). Global solar power bank market research report 2017-2024: an in-depth qualitative and quantitative study. Retrieved from https://markettalknews.com/global-solar-power-bank-market-research-report-2017-2024-in-depth-qualitative-and-quantitative-study/
Mina, L. (2017). A Quantitative Study on Innovation in Renewable Energy Technology in Korea.
Meeker, M., & Wu, L. (2018). Internet trends 2018.
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