SELECT AN INNOVATIVE COMPANY

Product:

LTTLE POCKET

The innovative product that I want to focus on is called LITTLE POCKET french fries box. It is a
unique french fries packet with a pocket for dips, making it easier to dip into ketchups and other
sauces. This is merely an idea which is not launched on a commercial level as I have not started
my company out of this product. I have always been an observer and a lover of fries and having to
have the dip and fries not in the same place used to frustrate me. Also, squeezing ketchups on
paper tray is full of pollutants and can cause cancer. So, I later came up with this unique packaging
of fries. According to me, people faced the same problem of having the two items at different
places and sometimes, having only one. I saw the market gap and the need of both ketchup and
fries at the same place and came up with the idea of LITTLE POCKET.

LITTTE POCKET focuses on not a specific segment of market to target as majority of the people
around the world eat fries on daily basis. Although LITTLE POCKET has not been properly
introduced in the market, I plan on selling it as Business to Business product and aim to target
large businesses and franchises such as McDonalds, KFC and Hardees as my target customers. I
plan on making contract with Amazon for launching my LITTLE POCKET online through
Amazon. I also plan on notifying these big ventures through success on Amazon. I also plan on
convincing my university to finance my project so I may approach the big ventures and provide
them with samples and subscriptions. I also plan on making my own website for LITTLE POCKET
and selling in bundles to other small businesses through Alibaba.
DESCRIBE THE INNOVATIVE SERVICE/PRODUCT YOU WANT TO
INVESTIGATE

As LITTLE POCKET is still only a project and haven’t been properly introduced as a brand of its
own, therefore I cannot evaluate the financial success of LITTLE POCKET. Though, I have my
financial aims of earning on thousands and then on millions as I assume that my product has
potential to have millions in its turnover because the cost to it is very minimal. I expect to make at
least $5 million out of this idea before other businesses start making me-too products of my
LITTLE POCKET. It has gained quiet popularity and has been the perfect solution to the customer
needs. Thus, it can be said that the ‘Identifying customer needs’ stage of marketing has been
reached.

Though LITTLE POCKET doesn’t belong to any company yet, As the first of its kind, I have
planned a unique marketing idea which will be eye catching. I plan on spreading my goodwill from
districts, cities and then countries. I will arrange the appropriate finances and put up logos of
LITTLE POCKET all over the city. By this, people will have the image of the logo saved in their
mind and once the businesses launch fries in LITTLE POCKET, people will automatically get
attracted to the fries. This strategy will also help the businesses selling in LITTLE POCKET, so I
can charge extra for the goodwill and success of his strategy.

DESCRIBE THE ‘TARGET MARKET’ AND EVALUATE THE SUCCESS

OF MARKETING THE PRODUCT/SERVICE

I fear that big ventures may reject my innovation and not buy LITTLE POCKET as they may not
feel the need for a new packaging which will require advertisement first. They may also reject it
as it has its own logo. For this, I plan on printing the logo at the lower back of the packets. But for
this, I plan on asking the ventures for an advertisement that’ll make clear that KFC or McDonald
has partnered up with me in making LITTLE POCKET available. Proper use and benefits, other
than convenience, should be highlighted in commercials and billboards.

But I couldn’t start off big, I needed to experiment on smaller levels first. For this, I launched my
LITTLE POCKET in my high school café. This was a massive success as almost everyone gave
positive feedback about it. This initial success was the proof by which I can convince my university
to invest in my venture.
The target market of LITTLE POCKET i.e. big ventures like KFC are only focusing on the
marketing mix of element of product and not on packaging. My LITTLE POCKET aims to cater
this need for a good packaging and provide people with convenient and hygienic packaging. I
believe that once public is aware of this, they will start demanding fries in this packaging and this
packaging will then come in trend. I believe that these big ventures will need a trendy packaging
like LITTLE POCKET and the one to introduce it first will have a very big marketing edge over
others. Example: Bottom-less drinks.

I also plan on not approaching these big ventures directly, as that would not look strategically
strong, I must do something that’ll grab their attention and they’ll come to me for my product. For
this, I plan on firstly giving my product to local Attica restaurant in Australia. (HOLROYD, 2015)
According to my research, fast food consumption is on the rise in Australia and many households
are spending more on fast foods than in previous years. I attached link and a graph below to show
this as well. So, for the Attica launch, I will be having proper banners of my logos and my LITTLE
POCKET associated with Attica and this way, customers of Attica will enjoy fries in my packaging
and this will promote my product. If this goes successful, nearby big projects will put this in notice
and will start to approach me for my LITTLE POCKET and my thousands to millions journey will
start to happen. I precisely won’t need much to tell the benefits that my innovation offers as one
can see and understand directly by the one sight at the advertisement on the banner, this saves my
cost and energy as my marketing approach is very viral in nature.

My product will surely result in success and fame, both for LITTLE POCKET and I, and will profit
me in millions and this will change the whole trend of eating french fries in the later future as well.
Eating fries, as explained by many doctors of its unhygienic factor, is the paper tray in which we
squeeze the ketchup as it contains organic pollutants, heavy metal oxide on the printing paper tray
and can cause cancer easily. My LITTLE POCKET will also change this theory and bring a
positive go from doctors on eating french fries.

TASK 4: IDENTIFY THE DEVELOPMENT APPROACHES TO BRING

THE IDEA TO MARKET

Even though this product will be a massive success, I know already that this success will be short
lived as me-too products will come in shortly in the market and maybe these big ventures will start
making their own LITTLE POCKET like mine and will stop purchasing from me, but that is not a
problem as I believe in short term success and I plan to make as much profit as I can in this short
span of success, which I hope to be at least around $5 million.

My approach to making the market for my product has been through Attica on initial level,
Amazon, Alibaba and then viral from venture to venture. Though, I can use some alternative
methods to develop my LITTLE POCKET.

Firstly, I can arrange finance and hire an expensive and master chef who can make high quality
french fries and start a venture of my own. I can sell fries in my unique packaging and not rely on
any other business but do business to consumer dealing and earn profit. This method will cut the
profit margin of middle men and I having to care about approaching any business or grabbing their
attention and will establish my own brand which people will remember as a unique packaging for
fries. But, as I have assumed, the profit from this idea is short lived and soon bigger ventures will
start selling their already established fries in this type of packaging and all those customers which
I would have grabbed, will be lost back again to these big ventures. And I will only be left with
the salary of my chef and other expenses.

Secondly, I can just sell my idea to an investor and can convince him to become my partner or can
sell him the whole idea. He will pay me a certain amount which will be good enough if I convince
him to buy my idea of LITTLE POCKET. This way, I’ll have zero risk and zero pressure and all
profit. I can even focus on developing another idea, but selling my idea and not working on its
success myself is not smart and not the approach of an entrepreneur who aims to start up his own
company. I believe that by taking risks, I will learn more and will have better ideas if this idea
fails.
Thirdly, instead of going to many businesses and selling them my LITTLE POCKET, I can just
directly make an agreement with one particular business and only sell them my product. This will
ensure loyalty and long-term alliance with the business and maybe my product will not go out of
trend very soon as at least one business will still buy it for a long time. Also, managing supply of
more than one business can be hectic and may lead to loss of quality and supply to one or more.
But on the other hand, if I make an alliance like this one, the success of my LITTLE POCKET
will depend upon the success of the products of my ally because my packaging will only sell if my
ally’s products sell. This can be very risky and less profitable for me.

Therefore, I choose to sell my product on different platforms and to different businesses to ensure
diversification of risk and more profits overall.
References
HOLROYD, J., 2015. goodfood. [Online]
Available at: http://www.goodfood.com.au/eat-out/news/average-australian-eats-fast-food-nearly-
every-week-20140311-34k15
[Accessed 14 october 2017].