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i wallet Idea by Dheeraj ED and Team

i Wallet in Product development and design

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i wallet Idea by Dheeraj ED and Team

  1. 1. i-wallet Group-4 Dheeraj E.D LavanyaAB Nithin PM
  2. 2. Product Deveolpment Process 12/17/2013 Product Design and Development 2
  3. 3. Different Stages in i-wallet development • Identify customer needs • Concept development • Product design • Testing • Marketing • Budgeting • Commercialization 12/17/2013 Product Design and Development 3
  4. 4. • Managing cash and card safely • One wallet to hold all the requirement • Difficulty to find wallet when lost • Could get money back in case of theft • Need to safely carry cash and mobile together Need Identification 12/17/2013 4Product Design and Development
  5. 5. • Insecurity due to increased theft and robbery in cities ,towns and other places • Need for wallet which provides full security for money and plastic money in fast moving life. • Lot of young people are careless in busy life and forget to take wallet sometimes Need Identification 12/17/2013 5Product Design and Development
  6. 6. • Wallet electronically enabled • Detect the finger print to open – Initially register the finger print – Checks the match and opens only if the finger print matches the registered finger print • Tracker: linked with mobile phone – If the phone and wallet move out of a distance of 500 meters it will generate signals in the mobile phone and warning alarm in the wallet – The signal generation is optional -it can be activated on our need • Transaction tracker: small chip inside the wallet – Will have option to store the last transaction amount Features of the product 12/17/2013 6Product Design and Development
  7. 7. • Separate portion for money and cards. • GPS tracker: used to locate with the help of mobile phone when wallet is lost • When the wallet is being mishandled or if it signals denial of access three times, a message alert will be send to owner’s mobile and two other registered numbers • Reliability : 1Year Guarantee, 2 year extended warranty for sensors, life long extendable warranty available subject to charges Features of the product 12/17/2013 7Product Design and Development
  8. 8. • The wallet will have unique device id like IMEI in mobile phone which will help to track easily when lost. • Material: leather and light weight stainless steel with woven and laminated fibre • Weight:170 to 260 gms Features of the product 12/17/2013 8Product Design and Development
  9. 9. PRODUCT DESCRIPTION Electronically enabled wallet with GPS tracker BENEFIT PROPOSITION Wallet with tracker that helps to track when it is lost and authentication for use PRIMARY MARKET Corporate, professionals, entrepreneurs STAKEHOLDERS consumers, suppliers, retailers, distributors, sales force, authorities Business Statement 12/17/2013 9Product Design and Development
  10. 10. SEGMENTING • Entrepreneurs, professionals , Corporate executives TARGETING • working professionals, Middle class and upper middle class POSITIONING • The next generation wallet STP Analysis 12/17/2013 10Product Design and Development
  11. 11. • People who continuously travel • People who are busy with their work schedule • People who do transactions frequently Identification of Customers 12/17/2013 11Product Design and Development
  12. 12. i- wallet Prototype 12/17/2013 12Product Design and Development
  13. 13. i-wallet 12/17/2013 13Product Design and Development
  14. 14. Computer Aided Design 12/17/2013 Product Design and Development 14
  15. 15. NanoTechnology - Micro Chip 12/17/2013 Product Design and Development 15
  16. 16. i-wallet Fingerprint Detection System 12/17/2013 16Product Design and Development
  17. 17. i- wallet Prototype Features 1 2 3 4 5 1. Card (6) holding portion 2. Battery (1000mah) and internal accessories 3. Micro transmitter 4. Cash holding area 5. Folding jaw with USB 6. Automated sensor lock 6 12/17/2013 17Product Design and Development
  18. 18. i- wallet Gallery 12/17/2013 18Product Design and Development
  19. 19. Mobile Connectivity andTracking 12/17/2013 Product Design and Development 19 • Supported by mobile app and GPS system • Identify using the unique device id
  20. 20. Durability of i-wallet 12/17/2013 Product Design and Development 20
  21. 21. Antitheft Mechanism 12/17/2013 Product Design and Development 21 • Antitheft mode supported by mobile app • User can switch on and off the mode when required
  22. 22. Magazines/television – Premium magazines – Telecast ads during prime time – Ads featuring the working of the product Viral marketing – One satisfied happy customer would bring another customer Marketing Stagey Distribution/availability - Ensure that the product is available in exclusive outlets and gadget shop Live demonstrations - Electronic outlets Shopping malls In office campus 12/17/2013 22Product Design and Development
  23. 23. Cost Estimation • Prime Cost – It consists of costs of direct material, direct labour and direct expense specifically attributable to the job.This is also known as flat, direct or basic cost. • Works Cost – It comprises of prime cost and factory overheads, (cost of indirect material, indirect labour and indirect expenses related to factory works).This cost is also known as factory cost, production or manufacturing cost. 12/17/2013 Product Design and Development 23
  24. 24. • Cost of Production (Office Cost) – It is the sum total of works cost and office and administrative overheads <Cost of indirect material, indirect labour and indirect expenses related to office works).This cost is known as office cost. – Cost of Production =Works Cost + Office and Administrative Overheads • Total Cost – It comprises of cost of production and selling and distribution overheads (Cost of indirect material, indirect labour and indirect expenses for selling and distribution activities). – Total Cost = Cost of Production + Selling and Distribution Overheads 12/17/2013 Product Design and Development 24 Cost Estimation
  25. 25. Budget Allocation 12/17/2013 Product Design and Development 25 25% 30% 25% 20% Budget Allocation Estimate R & D Marketing Production Testing and Prototyping
  26. 26. Pricing Strategy 12/17/2013 Product Design and Development 26
  27. 27. Estimated Price 12/17/2013 Product Design and Development 27 INR- 2700-3200* * Chances of variation up to +/- 10%-15%
  28. 28. SWOT Analysis Strength Pioneer Uniqueness Reliability Pricing Threat Competition Market penetration Brand building Weakness Customer awareness Product acceptance Limited targeting Opportunities Increased theft and loss Early adopters Increase rate of tech-savy and trendy customers SWOT 12/17/2013 Product Design and Development 28
  29. 29. ThankYou 

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