Propose an original new product for that organization using the stage-gate process.
The SmartFridge is an intelligent refrigerator designed to assist users in monitoring their food supplies and expiration dates. The refrigerator is fitted with sensors capable of detecting when food items are running low or nearing their expiration date. In addition, the refrigerator has the capability to propose recipes by considering the ingredients already present within. Users can engage with the refrigerator using a mobile application that can be acquired on their smartphones.
Provide specific examples for each of the five steps of the stage-gate process.
Stage 1: Discover
- In this stage, the idea for SmartFridge is generated. The idea is based on the need for a smart refrigerator that can help users keep track of their food inventory and expiration dates.
Stage 2: Scoping
- In this stage, the feasibility of the idea is evaluated. A preliminary market analysis is conducted to determine the potential demand for the product. The target market is identified, and the product requirements are defined.
Stage 3: Define Business Case
- In this stage, a detailed business case is developed. The business case includes a detailed analysis of the market, the competition, and the potential revenue streams. The product development budget is also defined.
Stage 4: Development
- In this stage, the product is developed. The refrigerator is fitted with sensors capable of detecting when food products are depleting or nearing their expiration date. In addition, the refrigerator has the capability to propose recipes by considering the ingredients already present within. A mobile application has been developed, which can be downloaded onto cellphones.
