Product Innovation Product Innovation Mg1923 Assignment

1359 words - 6 pages

UNSTOPPABLE, SUSTAINABLE, GREEN TECH 1
UNSTOPPABLE, SUSTAINABLE, GREEN TECH 2
The Unstoppable, Sustainable, Green Technology
Jeanne Pauline Lanuza
DeVry University/Keller Graduate School of Management
MGMT501
August 6, 2018
The Unstoppable, Sustainable, Green Technology
Introduction
Every one of us need and use energy everyday of our lives. The human population will keep on growing and growing and the demand for energy will keep on rising in accordance with it. In today’s world, people create and invent all kinds of products and technologies that uses less energy to help fight earth’s unrenewable resources’ depletion. More and more people try various alternatives to use the earth’s renewable resources for their daily energy needs without creating too much carbon foot prints. And because of this needs, green technology, the products and services that are sustainable and renewable, is fast growing since it is not only good for the environment, it is also helping in lessening pollution that causes global warming. The phrase “green technology” generally refers to the application of advanced systems and services to a wide variety of industry sectors in order to improve sustainability and efficiency (Plunkett et al., 2018).
The world is doing what it can to reduce carbon emissions and limit the global average temperature change with a new agreement decided in 2015 at the Paris Climate Summit (or COP21) (“Find out more about COP21,” n.d.). We need to try all the possible things that we can to help keep up with the needs of humanity.
The goal of this paper is to provide a summary of the market analysis of the Green Technology market sector and analyze anticipated consumer needs. Green technology’s market can either be consumers or businesses. This paper will only focus on the consumers market. This paper will also discuss and analyze the competition forces of the Green Technology Market. This paper will also provide a brief information about a prototype product using the Layers of Product by Solomon et al. (2018) and provide information about possible markets and marketing challenges.
Market Analysis and Anticipated Consumer Needs Summary
The world is currently in need of renewable resources since it can’t keep up with the population’s energy demands. According to Plunkett et al. (2017), the overall renewable energy consumption by U.S. went up from 2,977,718 in 1950 to 10,233,082 in 2016. All units are in billions. The change is drastically high in terms of energy consumption using renewable resources.
The potential market opportunities for the Green Tech will continue to grow over the next 10+ years. Green Technology is now unstoppable – it keeps on growing and growing in numbers. From solar panels that converts solar energy from the sun to power up people’s houses to bioplastic products that are made of corns and soy for biodegradability – the need for green technology keeps on increasing in the past couple of years.
The target market...

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