Idea Evaluation

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Seasonal Affective Disorder - Product Idea Evaluation

Which products are marketable?

I had already asked my Facebook friends to complete a poll for the third assignment, so I wanted to find a more random assortment of people to complete my survey. This was much harder than I thought. First I made the survey on Survey Monkey. Since I could only have 10 questions, the questions were in this format:
Would you buy this? If so, how much would you pay for it?
Would not buy
< $1
$1-$3
etc.

I tried using Mechanical Turk, since you can pay small amounts for people to take the survey. It was somewhat confusing and I probably did it wrong, because I looked the next day and it still had zero responses. Then I decided to buy an audience for a dollar per person on Survey Monkey. I figured $15 wasn't too bad. But, the minimum number of people allowed was 50, and $50 was way too much for me.

Finally, I trusted the power of the internet. I put the survey on a Subreddit called SampleSize. I also posted it twice on Yahoo Answers in the Polls & Surveys section, which I think was more effective. I said that while anyone could take it, it was especially helpful if they had seasonal depression or knew someone who had it. The responses were coming in very slowly, and then stopped. At the end of Monday night I was at 5 responses and feeling a little hopeless. However, by Tuesday evening, I had 16...somehow.

My 5 Most Marketable Products (In Order)

1.) Candy with Vitamin D added. People were willing to pay Anywhere between $0.01-$8 for this.
2.) Glowing moldable object which changes colors. Most people were willing to pay $1-$20 for this.
3.) Musical and light up shower head. People were willing to pay between $4-50 dollars for this. 4/15 said they'd buy it and pay $30-$50 for it.
4.) Ice cream with Vitamin D
5.) Fake Sun Light or Lamp

I was surprised and somewhat pleased to see that when I googled my ideas, my sketches from the blog were in the results...sometimes even the first one!

1.) Candy With Vitamin D

2 by 2 sun candy.jpg

1 fluid onces liquid vitamin d = $8.99 (200 IU every 5 drops)
170 pieces of butterscotch candy are $7.20
915 drops in the container
I want a drop for each candy
170 x 5 + 85 = 935
7.20 x 5 = $36 + $3.60 = $39.60 + 9.00 = $48.60
so ROUGHLY$50 for 920 pieces of candy, which means it would be $5 to manufacture this much. Let's say I sold a bag of 100 at a time, I could make it for about 50 cents. This is lower than what I could charge, so these could generate a profit.

Related Patent: Methods and compounds for vitamin D therapy
Number: 8,592,401
"A method for lowering or maintaining lowered serum parathyroid hormone in human patients including administering to said patients an effective amount of 1,25-dihydroxyvitamin D.sub.2..."

2.) Glowing moldable object. Light inside that changes colors.

2 by 2 glow blob.jpg

I have no idea what material to use for this, so it isn't too feasible at the moment.

Related Patent: Color shifting film glitter
Number: 6,475,609
"Glitter, at least a portion of which comprises color shifting film. The glitter is useful in any of a variety of ways, including in loose form, attached to the surface of a substrate, in a dispersible combination, or present in a matrix material ranging, for example, from liquids, such as water and alcohols, to gels, such as silicone and glycerol, to hard, rigid materials such as plastics, particle board, and fiberglass. Examples of other matrix materials include putties or molding clays, rubbers, and adhesives."

3.) Light Up & Musical Shower Head

2 by 2 SHOWER.jpg

Musical: $200
+$20 LED light
$220 /10 = $22 manufacture. This is less than some people are willing to pay for it, so it could potentially generate a profit.

Related Patent: Toilet Light
Number: 8,398,257
"Devices, apparatus, and methods of using a solar powered, battery operated, light sensitive toilet seat LED (light emitting diode) lid light device that removably clamps to an edge of the outside toilet seat lid. A solar panel is visible on outside of toilet seat is used to recharge a battery in the device. The underside of device contains the secured battery, circuit board, mercury switch and photocell. When the lid and device are in upright position the mercury switch closes. The photocell senses absence of light and the LED light illuminates the toilet bowl and surrounding area."

4.) Ice Cream with Vitamin D

2 by 2 ice cream.jpg

Let's say 48 fl oz of ice cream is $5.00.
A scoop is 1/2 cup, which is 4 fl oz. That means there's 12 scoops in the tub. A typical bowl probably has about 4 scoops of ice cream in it. I want no more than 800 IU of Vitamin D in 4 scoops. There's 2000 IU in 5 drops. If each drop has 400 IU, I want a half a drop per scoop. I want 6 drops per 48 fl oz of ice cream. There's 915 drops per container. 915/6 = 152.5 tubs of ice cream x $5.00 = $762.50 + $9 for Vitamin D = $771.5 for 152.5 tubs. $5.06 for 1 tub. The Vitamin D adds about 6 cents cost. 5.06/10 = $0.51 to manufacture, which is much less than what I could charge, so I could generate profit.

Related Patent: Vitamin D Deficiencies
Number: 8,592,218
"Methods for determining the amount of vitamin D compounds in a sample are provided. The methods can employ LC-MS/MS techniques and optionally the use of deuterated internal standards. Methods for diagnosing vitamin D deficiencies are also provided."


5.) Sun Light and/or Lamp

2 by 2 sun lamp.jpg

Clear heat lamp = $5 for 250W
$200 for a light therapy lamp
Maybe $5 to add the sun shape
= $210
$21 to manufacture

Related Patent: Lighting system for use in light therapy
Number: 8,486,126
"A method and device for light color therapy, which is a method for simultaneously exposing specific surface regions of the human body to light of specific but possibly different frequencies, temporal characteristics and polarization. The device is constructed to match anatomical details of the human body such as to apply the simultaneous local light exposures to the desired body regions and to compensate for possible movement of the head, thereby minimizing the time required for a single treatment."

2 Comments

Hey Nicole!

Your post here was very well thought out and thorough! The fact that you organized it by each product and not going through 2x2's, then patents, then feasibility helped in overall comprehension.

Doing a HIT Matrix over the other type of 2x2 was very good and I think it helped you brainstorm new ideas and was used very well overall. You may run into issues with the FDA w/ adding vitamin D to candy; I'm guessing the dose will need to be very low which could interfere with effectiveness.

I think the glowing moldable object seems a little weak, it might be because this post didn't explain it very much (I'm sure it was more developed in other posts). My suggestion, however, would be to drop this idea for feasibility and effectiveness's sake.

Seems like you've got some great ideas, excited to see where they go!

Josh

Hi Nicole!

Great blog! Regarding the survey issues you had -- I used Qualtrics. It was only a free trial version but it worked great. So in the future if you ever need to do something like this again, consider that option.

I agree with Josh in the comment above that the glowing moldable object is somewhat confusing. If you can come up with a way to make it feasible, it would be kind of an intriguing idea. Otherwise, you might want to focus more on some of your other ideas.

Another way to get some comparison in there would be to think about the prices of the already existing products you have in your 2x2s. That way you can see what people are already paying for similar product. You may know this information, but it wasn't in your blog so I have no idea. This could be something to keep in mind for the pitch on Tuesday! Additionally, including some of the numbers and data you gathered from your survey beyond what you have listed in this blog might be a help. For example, how many people of the total respondents said they would buy each item?

You did a nice job!

Ellen

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About this Entry

This page contains a single entry by carl4648 Nicole Carlson published on December 4, 2013 11:28 PM.

Structured Ideation was the previous entry in this blog.

Final Assignment: The Pitch is the next entry in this blog.

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