"Are You Sitting on a Million Dollar Idea?"

"Are You Sitting on a Million Dollar Idea?" Watch the video below and then respond to the questions that follow:

Think about products that you would love to see revamped to meet your needs or a new product that has not yet been created.

Create a video showing the product that you would like to see revamped. Describe the changes you would like to see.

Suggest who the target market is for your new creation.

Upload your video to the discussion thread using Kaltura. Note: Review the Kaltura tutorial "Student Video Assignment Submission", located in Week 5. You may use an iPad, cellphone, laptop, desktop, or traditional video recorder to record your discussion response.

Click here to view the grading rubric for this discussion.

Video Segment Reference:

CBS Sunday Morning. (2014, March 23). Quirky, the mother of online invention [Video file]. Retrieved from https://youtu.be/7PscV4X_X5g.

Product revamping

In everyday living, we get to interact with a lot of people and use things that make our lives simpler. With this ever changing economy, we cannot be certain that we will have enough money to buy whatever we want. With the contemporary changes in the style of living, people are looking for better ways of utilizing their money and living spaces. This brought me to the idea of how much normal sofa sets take up space and some of which are not normally often used.

This brought in the idea of convertible sofa-bed.

Let us take for example studio apartments that have limited space. Manufacturers and designers of these spaces should come up with the idea of turning a sofa into a comfortable bed at night. This shows creativity in itself and affordability meaning there will be no clutter all over the small space, and I will save the owner money that will be channeled to another activity.

These simple life hacks are the ones that make us feel comfortable and at ease without necessarily going overboard. A sofa is essential in any living space, especially for relaxation. Bed is also essential when it comes comfort at night. These two folded into one would be killing two birds with one stone.

The target market for this product would be the bachelors and those young people who are just starting life and do not have extra money to spend over on household goods. The owners of small spaced houses and apartments can also be the target with the aim of helping them save space. Holiday homeowners also can make good use of this product as they would not be using it for too long and it would be cost effective. Students too would be placed in the target market.

With its portability and light weight, campers can also be suggested especially those who value comfort.