Abstract:
In an era of ever-changing technology, the challenge for a social entrepreneur is to cope with the fast pace of change. With a concern for the environment and energy conservation, the entrepreneur in this case became an entrepreneur with the development of a new product – a mechanical charger. His company, ideaForge, manufactured and sold two types of products: mechanical chargers and other conventional chargers such as bike chargers. The mechanical charger, an innovation of ideaForge, was a product that could produce electricity through mechanical operation. The sales of other conventional chargers were increasing, while the sales of mechanical chargers were decreasing.
The company faced two major challenges while running the business: how to market this innovative product to customers used to traditional mobile phone chargers, and whether the company should increase the product range or concentrate on existing products. The decision that had to be made was whether to sell only through distribution channels or through a sales force, or both. The young entrepreneur, along with his two cofounders, also had to make decisions on how to position and price their products in the market. With a changing market scenario, several initiatives and calculated risks would have to be taken if they wanted to develop new product offerings, such as laptop chargers and bicycle chargers, both of which would mean diversifying the business.
Keywords:
New Product Development, Social Entrepreneurship, Innovation, Business Sustainability, Distribution Channel, Green Energy, India, ideaForge Mechanical Charger Case Solution
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