1. Evaluate the market attractiveness for EMR Innovations in terms of market factors, competitive factors, and innovative factors if any. 2. Identify potential target markets for the Lock-Awn Anti-Billowing Device, using the following factors (1) needs; (2) attractiveness; and (3) positioning Eric Reynolds stood inside the door to his RV repair shop and surveyed the activities. He andhis wife Mary were avid RVers and had combined their love of RVing with business by start-ing an RV repair business out of their home in 1995. In 1999, the business was large enoughto allow them to open their own shop in Amana, Iowa. By 2002, the business had steadilygrown, but he and Mary wanted more-they wanted to be "the" supplier of innovative RVproducts. To that end, they had developed their first product, the Lock-Awn antibillow devicefor RV patio awnings. In fact, Eric mused, he and Mary had invested about $10,000 of theirown money to develop a prototype product. They had even sought assistance from an indus-try research center located at a nearby university with respect to developing the prototype.Now, in late fall 2003, Eric and Mary had a working prototype, and preliminary feedbackfrom some of their RV repair customers who had seen the product was very positive.However, even though potential customers seemed to like it, Eric and Mary were unsureabout whether or not the Lock-Awn product would be successful. In the last severalmonths, they had become aware of a potential competitor selling a similar product. WhileEric and Mary believed the Lock-Awn was superior to the competitor's product, they wereuncertain if potential customers would feel the same way. Money was too tight for theReynolds to risk market entry without a better grasp of the Lock-Awn's market viability.Mary, who did the bookkeeping for the RV repair shop in between caring for their threechildren, looked up from her desk and saw Eric. She walked over to him and placed herhand on his shoulder. "What are you thinking about?" she asked.Eric turned and said, "I just wish I knew for certain if investing more money in theLock-Awn is the right thing to do. I think we need to know more about how we would ac-tually market it before we can seek additional funding. That manufacturing consultantwe've talked with said the next step was to decide on a marketing strategy."Mary nodded her agreement, stating, "I've been thinking the same thing. I knowyou've got your hands full with the shop right now, so I'll start reviewing the informationwe have about customers and competitors and start thinking about how we would marketthe Lock-Awn. Hopefully, in a few weeks we can make sense of it all and decide on amarketing strategy."

Eric Reynolds and his wife Mary, passionate RV enthusiasts, ventured into the RV repair business in…

1. Evaluate the market attractiveness for EMR Innovations in terms of market factors, competitive factors, and innovative factors if any. 2. Identify potential target markets for the Lock-Awn Anti-Billowing Device, using the following factors (1) needs; (2) attractiveness; and (3) positioning

1. Evaluate the market attractiveness for EMR Innovations in terms of market factors, competitive factors, and innovative factors if any. 2. Identify potential target markets for the Lock-Awn Anti-Billowing Device, using the following factors (1) needs; (2) attractiveness; and (3) positioning

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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