New Product for the Market - Steel Toe Boots

Explanation of Section Requirements

a.Market Profile

• Identify your top three competitors.
• Provide a detailed explanation of the market you will serve. Detail the opportunity and why have you selected this market over others.
• Define the purchase cycle of your product. [How often do your customers buy your product, and how long does it last before they need to repurchase it? Based on the purchase cycle, how big of a market will you need to be sustainable?

b.Product Profile

• Explain your value proposition and your efforts to align it with the perceived value of the target customer.
• What makes your proposition unique [USP]? How are you solving your customer's problems better than that of your top three competitors?
• Articulate concisely, a positioning statement.

c.Customer Profile

• Define your ideal primary market. Who is your target audience, your perfect customer?
• Provide an example of a secondary market you could service by making a small modification to your product[example, applesauce and packaging].