The product we are proposing is a fridge accessory that will help owners manage their fridge items as well as their expiry dates. This product will have the capacity to store the name of the fridge item as well as the date the food needs to be consumed by. The product will have the option of a touch screen keyboard or voice control for communication. With this, the product is able to store home cooked meals and and fresh foods as well as pre-packaged items. When the expiry date of a product is approaching the system will give owners a warning that the good will need to be either consumed or thrown out within the next few days. Another feature that will be offered by this product is its ability to generate grocery lists that can be synced to
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According to MarketLine (2013) statistics, approximately 53% of Canadian households earn above $40,000 annually making middle to upper class families the largest target audience for Fridgit. These families spend approximately 17% of annually earned income on necessities such as food and health related costs and roughly 15% on miscellaneous such as technology and home-related expenditures (MarketLine, 2015). This shows that families on average spend similar amounts of money on necessities as they would on miscellaneous. As it is a family product, our most efficient methods to reach the intended audience would include outlets such as television (e.g., commercials, product placement, The Shopping Channel, etc.) newspapers, magazines, and social media ads. As a startup, and for families who are hesitant on purchasing the Fridgit, we will be offering a 30-day free trial. According to Forbes (2007), a free trial is a reliable way to establish goodwill with new customers. (Forbes, 2007). We will be able to appeal to our main target market as well as anyone who wants to test our product out. Fridgit appeals to consumers by potentially decreasing the amount of food waste per household and money spent on replenishing expired items (see appendix C for more detail on industry …show more content…
There are many tablets offered by varying companies that also offer apps with a similar objective. However, no one has combined the two. Also, both the tablet and app market already have any competitors, but the technological industry continues to thrive regardless due to diversity in varying products (MarketLine Industry Profile, 20). In order to compete with other companies, our product will be on the shelves of numerous grocery stores, and will be able to provide insight on how to use fridge space efficiently, which can be found in our simple-to-use device. Even with many substitutes on the market, no other product can perform all the functions and provide convenient accesses like our product can. Our product consists of unique factors that would help out busy and forgetful families along with making things more convenient. The product highlights the function of helping others to remember what is about to expire, and helping to create lists on what needs to be bought (see appendix C showing more details about functions). Since our product is also a one-time purchase unlike other substitutes like planners and memos, it gives us an upper hand on the
According to MarketLine (2013) statistics, approximately 53% of Canadian households earn above $40,000 annually making middle to upper class families the largest target audience for Fridgit. These families spend approximately 17% of annually earned income on necessities such as food and health related costs and roughly 15% on miscellaneous such as technology and home-related expenditures (MarketLine, 2015). This shows that families on average spend similar amounts of money on necessities as they would on miscellaneous. As it is a family product, our most efficient methods to reach the intended audience would include outlets such as television (e.g., commercials, product placement, The Shopping Channel, etc.) newspapers, magazines, and social media ads. As a startup, and for families who are hesitant on purchasing the Fridgit, we will be offering a 30-day free trial. According to Forbes (2007), a free trial is a reliable way to establish goodwill with new customers. (Forbes, 2007). We will be able to appeal to our main target market as well as anyone who wants to test our product out. Fridgit appeals to consumers by potentially decreasing the amount of food waste per household and money spent on replenishing expired items (see appendix C for more detail on industry …show more content…
There are many tablets offered by varying companies that also offer apps with a similar objective. However, no one has combined the two. Also, both the tablet and app market already have any competitors, but the technological industry continues to thrive regardless due to diversity in varying products (MarketLine Industry Profile, 20). In order to compete with other companies, our product will be on the shelves of numerous grocery stores, and will be able to provide insight on how to use fridge space efficiently, which can be found in our simple-to-use device. Even with many substitutes on the market, no other product can perform all the functions and provide convenient accesses like our product can. Our product consists of unique factors that would help out busy and forgetful families along with making things more convenient. The product highlights the function of helping others to remember what is about to expire, and helping to create lists on what needs to be bought (see appendix C showing more details about functions). Since our product is also a one-time purchase unlike other substitutes like planners and memos, it gives us an upper hand on the