This new product design would address many of the problems of the current product and most importantly, it should be much cheaper to produce hence less production costs. A single strand of nylon, a cheap colored stone, and the two titanium hands will have much lower material costs along with lower labor costs. Besides, it will also create a lighter product that can be worn at all times. Lighter weight eliminates a degree of worry for those clients who are looking for jewelry that can be worn without having to bear the weight of feeling ornaments on their body.One criticism of the old product design was that it was too formal and couldn’t be worn in a variety of situations; this new product design will be able to be worn more easily at all times. The new product is rather versatile and fits many occasions without having to consider blending it with different colors to pull out an outfit. It will be lighter so it won’t interfere with physical activity, and the titanium hands holding the stone will still give the perceived performance benefit.The focus group women also said that for the fashion conscious woman, they would want multiple colors of the product. The implication of such a product is that it will allow such women to be able to switch their looks to suit different occasions with less husle.Having a cheap colored stone as a pendent would allow for a customer to purchase a couple different colors and match their Rocked Jewelry to their outfit for the day.At the old price of $200+ this would not have been realistic, a problem that can be solved by going for products with less production costs as proposed. This design also still holds true to Rocked’s core value. The hands will still serve as the clasp although they will no longer be touching fists, which was describes by the focus group members as a bit masculine. We believe that this new product design will be much cheaper, be better suited to be worn during physical activity, still possesses the perceived benefits of the titanium, and still conveys Rocked’s main message, which is to have variety in one.Based on the product we plan to offer, we think the costs of making a single bracelet will be range between $5. Assuming that COGS is 1/3 of the retail price, the price points for this product are going to be between $15. This price point will allow for a much wider variety of individuals to be able to afford
Work citedTiffany, Paul, Steven Peterson, and Colin Barrow. Business Plans for Dummies. Hoboken: John Wiley & Sons, 2012. Internet resource.
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