Creating a New Product/Service for the New Generation

Goal

The goal is to help students understand how to create-and analyze a persuasive new business ides to generate management approval for a recommended course of action.

General information

You have been approached by a multi-millionaire to help in the launch of her new company called "Next Generation Inc." (NGI).The premise behind the company is that all products she will develop and market must be targeted to the "Nexter" generation (the generation born after 1990). If you can come up with a winning idea she will hire your team to lead in the start-up of the company, fund all the seed money to launch the idea and offer you a significant ownership share in NGI.(Can be either a new product/service idea or the revised/improved version of an existing product/service.)

Role Play

Student Teams are assigned as their New Product Development Team. The Team will develop a creative new product/service idea or an enhanced/improved version of an existing product/service to sell to the NGI executive team. The New Product Team will be responsible for creating a detailed written proposal for such product/service.

About the New Generation (born after 1990)

This is the generation was born "cable ready" from the factory. They understand computers and technology at a cellular level. They are usually:

Tech-Savvy:This generation prefers to communicate through e-mail and text messaging rather than face-to-face contact and prefers webinars and online technology to traditional lecture-based presentations.

Family-Centric:The fast-track has lost much of its appeal for this Generation who is willing to trade high pay for fewer billable hours, flexible schedules and a better work/life balance. While older generations may view this attitude as narcissistic or lacking commitment, discipline and drive, This Generation's professionals have a different vision of workplace expectations and prioritize family over work.

Achievement-Oriented:Nurtured and pampered by parents who did not want to make the mistakes of the previous generation, this Generation is confident, ambitious and achievement-oriented. They have high expectations of their employers, seek out new challenges and are not afraid to question authority. Generation Y wants meaningful work and a solid learning curve.

Team-Oriented:As children, this Generation participated in team sports, play groups and other group activities.They value teamwork and seek the input and affirmation of others.

Attention-Craving:This Generation craves attention in the forms of feedback and guidance. They appreciate being kept in the loop and seek frequent praise and reassurance

1. Introduction

including opening, product overview, and why it is chosen

1. Target Market

How big is the market? Is it growing, holding or declining? How would this product impact the market?