Potential market

PART B: valorisation plan

SECTION I: The product

 

1a

The innovation potential of this product is related to:

 

  • Technology-driven innovation (under the influence of the development of science – the market is not ready for the product)
  • Market-driven innovation (as a result of market surveys, the market expects the product)
  • Replacement of existing product
  • Product related to cost reduction
  • Radical new product
  • Other, what…
The method for tying fishing hooks and the related product actually replace other existing similar methods. There are many tying methods and even patented hand tying devices, mainly in the USA.

 

1b

What added value for end-users does the product hold?
• higher quality
• Better technical characteristics
• Other …
Although it is not a new product the better characteristics of the proposed knot and the easiness of the implementation of the method will be of benefit for the end users. The specific tying method of the fishing hook knot allows equally distributed forces along its length and lowering of the line retraction.  Its simplicity is a key point for higher quality of the tying allowing faster implementation with the specially designed tool.

 

1c

What is the Unique Sales Proposition of the potential product?
All key advantages could serve as a good advertisement of this tying method for fishing hooks. It is simple, not requesting special abilities; it has a specially designed tool to help its implementation even easier and faster. The technical characteristics of the knot are excellent, assuring high quality of the fishing line with the hook and best results.

 

 

 

SECTION 2: The Market

 

 

2a

What is the target market for the product?

National Õ

European Õ

Global ¨

Please describe the characteristics of your target market.

The main target for the ready product – fishing line with hook is Europe. Millions of such items are sold yearly. Also there are many different dimensions of the hooks necessary to by tied and prepared for fishing. The STEVAS company strives to increase its export up to 350 – 400 thousand fishing lines with hooks per year using its developed method and tool. The company researcher plans to develop and purchase a machine for automated tying of fishing hooks based on the method.

 

 

2b

How the product is characterized from the following options? Number of companies producing similar products in the field.

• Base – applied by all companies in the industry

• Leading – applied by a single or limited number of competitive companies

• Key –at a development stage, but has already proven its potential

The product could be characterized as a base one, applied by every company in the business. Of course each company uses its own method or widely used and well known fishing knots for their fishing lines. The intellectual property research has found many similar products and IP protected methods, knots and tools mainly in the USA and two in Europe. The main companies manufacturers of fishing tackles are MUSTAD, COLMIC, DAM, SHIMANO,  BERKLEY, etc.

 

2c

What type of market demand will be satisfied?

• Existing demand – the market is already developed

• hidden (latent) demand – the market has yet to be developed

The proposed technical decision will serve already existing marketing demand. The demands for such items are constantly increasing worldwide and this forces the major companies fishing tackles manufacturers to outsource the tying labor to other countries. The fact creates good opportunities for the company researcher to fill the gap, using its method and technology and to provide high quality at decent price.

 

2d

What is the current stage of the product’s market life cycle?

• Implementation, implementation in production (leading to a radically new product offers)

• Growth (rapid spread within the industry or outside it)

• maturity (parameters of the technical characteristics of manufactured products reached their maximum, higher-grade products can be manufactured on the basis of technological substitution)

The current stage of the product’s market life cycle could be named as “Growth”. Due to its tying method and the excellent technical characteristics at remarkable price the product could win a good market share.

 

 

2e

Strategic partnerships (existing or potential).
There no existing partnership at the moment, however the researcher is looking for a technical/research partnership with a specialized machine and equipment manufacturer in order to request engineering and manufacturing of a hook tying machine. The machine should be based on the developed by STEVAS company method of tying of fishing hooks and the created tool for the implementation of the method.

 

 

 

SECTION 3: The Competition

 

3a

What is the competition within your target market?
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