Hypothetical scenario marketing uses product surveys and imaginary situations to gauge consumer interest and market needs for products in development. As a small-business owner, using hypothetical marketing can help you allocate your company's resources into product areas where consumers demonstrate desire and need.
What is hypothetical business?
A hypothetical business is a conjecture business. It means an imaginary business and in this context that if all the resources were made available I would venture in.
What products will be trending in 2021?
- Hair accessories.
- Beauty and healthcare products.
- Pet products.
- Hi-tech products & accessories.
- Fashion items.
- Sport & traveling products.
- Car products.
- Fine jewelry.
Where do you get ideas for new products?
- Customer Inquiries. Your customer service team is in an excellent position to cultivate product ideas (or tweaks to existing products) from their customer service calls.
- Suppliers & Manufacturers.
- Sales Team Members.
- Industry News and General Market Trends.
What are product ideas?
A product idea is an idea for a possible product that the company can see itself offering to the market. It is obligatory for every company to exactly define its product idea and the process for making it happen. The company needs to go through several stages to remain on a safe side when it starts this big job.
What products are in high demand right now?
- Beauty products and cosmetics.
- Jewelry.
- TV and smartphone accessories.
- Designer sunglasses.
- Children's toys and games.
- Shoes.
- Video games.
- Pet supplies.
How do you create a product?
- Research your idea. Do a thorough business analysis:
- Make or build and test your prototype. Get a working prototype of your new product.
- Write a marketing strategy and plan.
- Launching your product.
- Keep reviewing your product.
- Protect your idea.
How do you come up with a product idea?
- Mine your old ideas for new product gems.
- Have an old-fashioned brainstorming session.
- Think add-ons.
- Look at real-life examples.
- Follow industry influencers.
- Follow customer trends.
- Dive into social media.
- Hit the marketplaces.
What is the most creative product?
- Fire & Language (400,000 BC / 100,000 BC) Image credit: Chemistry World.
- The Wheel (3,400 BC)
- Written Language (2,900 BC)
- Paper (105 AD)
- Movable Type (1040 AD)
- Car (1769, 1888)
- Washing Machine (1791, 1934)
- Light Bulb (1800)
What are some new product ideas?
- Air fryers.
- Air quality appliances.
- At-home fitness equipment.
- Baby products.
- Candles.
- Cannabis products.
- Car accessories.
- Cell phone accessories.
What some ideas for a new product that doesn't exist?
- Towel Dryer That Disinfects Towels With UV Light.
- Water Sterilizer For Fresh Foods.
- Foam Chair With Memory.
- Transparent Stapler.
- Colorful Toybox That Devours Toys.
- Simple Design That Catches All the Drips of a Coffee Cup.
- Dog Toy Doubling as a Very Effective Toothbrush.