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Walter Schroeder Library, Milwaukee School of Engineering
Item Information
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More by this author
Kachelek, Robert
Subjects
New products
Market surveys
Patents -- United States
Prototypes, Engineering
Engineering design
Research
Competition
New business enterprises
MSEM Thesis.
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by author:
Kachelek, Robert
by title:
Commercialization of...
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Commercialization of electronic oil injection for 2-cycle marine engines / by Robert Kachelek.
by
Kachelek, Robert
Subjects
New products
Market surveys
Patents -- United States
Prototypes, Engineering
Engineering design
Research
Competition
New business enterprises
MSEM Thesis.
Description:
viii, various pagination : ill. ; 29 cm.
Contents:
Advisor: Kimbel Nap.
Committee members: Gene Wright, Gary Shimek.
Introduction - Starting a new business - Opportunity - Competitive advantage - Conceptual design and prototype - Initial market survey - Patent - Refine design and field test - Marine market - Marketing plans - Research & development - Commercialization - Conclusion.
The products that we use today were once just an idea. An individual with a vision for the future, or a solution to a problem, recognized the possibility to do something differently and took action. Take an idea and add opportunity, motivation, education, and some skill and you have the ingredients necessary to develop and commercialize a new product. This thesis is a case study in how to start a business around an idea for a new product. The idea is Electronic Oil Injection for 2-Cycle Marine Engines. And, the business that was formed is Marine Solutions Incorporated. The thesis, the product, and the business developed together. All of the efforts that went into developing the product and starting the business went into the thesis. All of the research for the thesis contributed to the development of the product and starting the business. The thesis explores and details the process used to help develop a new product and start a new business. The first step in the long road from an idea to saleable product is engineering development. Designs, working models and tests are required to see if the idea is feasible. Materials and suppliers need to be identified and costs need to be estimated. A patent search is conducted during development to assure that the idea does not use technology that is already protected by patent. Successful development is a prerequisite to continue the process.
The second step is to survey the market to check for interest. A market survey is conducted to learn how buyers would respond to the idea under development. The survey gathers information on initial reactions, potential market size, competition, price, and distribution channels. Brochures explaining features and benefits, photos, and working models may be necessary to help buyers answer the survey questions. A positive market response here is the next prerequisite to continue. The third step is to consider a structure that will enable you to conduct business. A business structure is needed to buy materials and services, sell products, pay wages, limit personal liability, and pay taxes. There are several structures to choose from with ownership, tax, and liability issues being some of the major concerns. The fourth step is to finalize designs, and develop and implement production and marketing plans. Product costs, production plans, selling price, sales goals, distribution channels, and promotion methods all have to be finalized. A market test with a limited number of products may be desirable before committing to mass production. The fifth and final step is to commercialize the product by making it available to the general market in significant quantities. New product announcements, magazine articles, and advertising promote the product and the company. Patience is required to develop and nurture customers.
Each sale is important and prompt service and support is essential in building relationships and a good reputation. Persistence and frequent contact is absolutely required to make initial sales and repeat sales. In practice developing a new product and starting a new business is not truly a series process. The series process outlined here and described in detail in the thesis only helps to assure that important steps are not overlooked. Many things happen or must be attended to concurrently. Final tests must be finished before the product can be announced. Announcements must be made in time for the selling season. Product must be built while arranging for advertising and reading mailings from the Internal Revenue Service. Installation questions must be quickly resolved while calls to develop new sales are waiting to be made. Personal stress levels rise, and relationships are strained as the hours spent on the product and on the business increase. However, despite all of the work, and all of the additional stress, new products and new businesses are successful because of good planning, careful execution of plans, and persistence. This case study thesis explores and details the process used to develop the Electronic Oil Injection product and start Marine Solutions Incorporated. The completed work is a valuable reference for others with an idea, and the opportunity, motivation, education, and skills to develop a new product and start their own company.
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Walter Schroeder Library
Master's Theses
AC805 .K33 2001
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