Development of a Product Concept: Case Analysis of Just Add Glue Essay

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EXECUTIVE SUMMARY

The Department of Small Business in Just Add Glue (JAG) has planned and granted $20000 for the development of a product concept of storage for tradesperson’s vehicle”.

SuperStorage is a multi-functional storage product. It can be stored with different types of tools, which is designed to put into closed vans and open utes. In order to make the product more competitive, there are five features focused during the design, which are multi-function, usability, safety, durability, and mobility. In addition, the target customers are tradespersons, who specially drive with many tools during works. The initiative grant of Super 8 is from Department of Small Business. Besides, the storages will be manufactured and wholesaled by Just Add Glue. The product is tested in order to meet the user’s needs effectively.

SuperStorage aims to increase working efficiency of tradesperson. The target selling price is between $80 and $90.The market size is estimated to be 5,000 of the Australia general public, or 39% of tradesperson population.

(Figure A: Break-Even projection chart of SuperStorage)

At the wholesale price of $85 per unit, the SuperStorage reaches break-even at when there are 1819 unit sold (see Figure A). Over the life time of two years, SuperStorage is able to provide a total income of $425,000 when total cost is $393190. The profit gain from market would be estimated around $31,810 after 2 years. Hence the target of $20000 grant is achievable. This product has the potential to create a real market, we recommend that the Department of Small Business in JAG proceed with SuperStorage project.

1. Introduction

The Department of Small Business in Just Add Glue (JAG) has planned and granted $20000 for the development of a product concept of storage for tradesperson’s vehicle”. By taking research and surveys, we conclude that to use a toolbox for tools around working place is pretty common and necessary for most tradesperson. However, for people have a large amount of tools with different sizes and lengths. A simple toolbox may not able to satisfy their needs. Hence an innovative change is required for performing a better tool maintenance and more efficient work.
The designed product “Super Storage” is tool storage designed for tradespersons ’vehicle and makes it able to transport all the tools which they required for working.
The SuperStorage concept is illustrated in appendices.
2. Product Overview
2.1 Product concept
Super Storage is an expendable toolbox. It has a concept “An expandable and removable storage toolbox to keep tools organized”, gives a new storage product which is selected, designed and going to be manufactured. The principle of operation involves expanding back layers, rotating the main body and sliding the bottom drawer. The user can choose the storage for best fitting their tools.
2.2 Market potential
The major material of the product is wood, with a relative lower cost. Moreover, other components can be found easily in common hardware stores such as Bunning’s. The production procedure is not complex for JAG’s workforce with using common hand held power tools. The estimated costs for produce one tool box will be around $65 include material and human resources. The target selling price would be around $85 in store, which gives 20% margin of sale of one product. Hence the target of selling an average of 5000 products to the Australian general public and bring $20000 grant in 2 years is achievable. Multifunctional features will be able to justify the relative higher selling price. It is durable both functionally and aesthetically to attract more potential customers from primary & secondary market.
2.3 Target Market:
Super Storage aims to be competitive within the common storage and market as it is able to satisfy the majority of customer needs, hence the product has this potential to achieve good sales in the market with its
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