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3PinPlug
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LockmyPlug

Other Research:
Click here for Technical specification for a 3 pin plug
Click here for Comparing and Contrasting plug with similar product
Click here for Materials and Components used in a plug
Click here for Manufacture of the plug
Click here for Quality assurance and Control
Click here for Environmental Impact

In evaluating this project, we needed to satisfy ourselves this project is commercial and any investment we put into the project would produce capital growth. We also needed to satisfy ourselves that your IP protects our rights to pursue this project, and the position of the product is at a stage where we can justify the offering of a purchase or licensing proposal. We also must make sure that the socket does not get broken when you try and pull out a plug that's been locked into the socket. At all times the socket has to maintain its integrity.

MARKET INSIGHT:
The electrical plug market is doing OK but is not breaking any records. Growth has been slow (for obvious reasons).
The good news is, the market is moving forward and buyers are prepared to consider new products from new suppliers.
Due to the economic climate, the amount of considered purchases have risen in the last few years. Retailers are spending more time considering a product before they decide to make a purchase. This means to convince a retailer to purchase, the product needs to fit right in the heart of their comfort zone.
The market is quite entrenched ­ buyers and consumers know exactly what to expect in terms of quality, design and style.
There are a number of big brands (MK, Clarke Cable, Power connections) that support this market. The companies behind these brands have a degree of power and influence. Some more than others.
The costs to enter this market sector is quite reasonable, however retailers do expect a product to be fully supported e.g. promotions, offers, publicity etc.
The number of buyers and outlets are comprehensive. Most sales purchases are made through large resellers, however there is a large network of smaller retailers that support the industry – local stores.
The lucrative nature of the market means competition for shelve space is quite high.
Competing companies have no issues in jumping onto a new idea should it prove to be commercial.
Any new product that enters this product sector must therefore have all the wheres and means to withstand competitive pressure in the future.

COMMERCIAL INSIGHT:

Prices for a normal 3 pin 13amp Plug from major retailers.

Company Plug Price Check Date   Company Plug Price Check Date
B & Q GBP 0.99 17th June 2013   Maplin GBP 2.19 17th June 2013
Wickes GBP 1.48 17th June 2013   TLC Direct GBP 3.00 17th June 2013
Screwfix GBP 0.76 17th June 2013   Amazon GBP 1.94 17th June 2013
Manufacture price for a normal 3 pin 12 amp Plug from supplier in China.
Company Unit Price Quantity Shipping terms Check Date
Shenzhen United Electronics USD 0.20/Pieces 10,000 Pieces FOB Shenzhen 17th June 2013
Owen xie USD 0.37/Pieces 10,000 Pieces FOB Ningbo 17th June 2013
  USD 0.41/Pieces 10,000 Pieces FOB Ningbo 17th June 2013
Guangzhou Wonplug USD 0.95/Pieces 10,000 Pieces FOB Guangzhou 17th June 2013
Foshan City USD 0.33/Pieces 10,000 Pieces FOB Shenzhen 17th June 2013
Although there are a number of plugs products on the market, we cannot find any similar products or know of any company that produces or is about to produce a similar product. The product has no direct competition as present – apart from a typical plug. Conceptually the idea received positive review. All those who we consulted with liked the idea and were interested in learning more about the proposal. The overall concept was regarded as being innovative, interesting and having a credible place in the market. It was felt that many people, particularly parents of young children would connect with this product.
Buyer reaction was positive with the majority of respondents reacting favourably.
The benefits the product provides are good and the USPs are powerful and relevant.
The opportunity to sell this concept globally in a variety of outlets is very good.
It would sell very well on the internet. The potential to be the number one brand and gain internet ranking status is quite high.
Repeat business opportunity is also good.
Even with a small market share, impressive returns would be possible.
The concept has growth potential. It has the ability to grow and develop out.
There is the opportunity to sell a range of products.

MARKETING PARTNERS OPINION:
Very interesting idea with commercial potential.
Conceptually it looks OK and would work.
Conceptually the product makes perfect sense.
To complete you would also have to sell a range of standard plugs.
Would be interested in gaining further insights into the application of the product.
Depending on who the main purchases are and why they are purchasing will determine the value and quality of the product.
Competition is strong and copycatting is a high possibility.
There are no extraordinary reasons why a reseller would not consider this product.
There are no special conditions that would permit or restrict the supply of the product to the market.
As it is a security/safety product, it would need to be tested and certified before any reseller would stock it.
Evidence must be provided to support the efficiency of the product.
It must do what it says it will do.
The products attributes must be guaranteed.
It would need to be focused towards a niche position and be promoted accordingly.
It would need to be supported by marketing campaign that draws people into buying this product.

DESIGN PARTNERS OPINION:
Conceptually the design would work. What the product is, from production, effectiveness and workability is defined but is not commercially defined.
The designer has clearly give this project some thought.
The design is possibility a little bit complicated.
The design needs to have more focus on its application.
Needs to look like a lockable plug.
We think there are better ways in which the concept can be exploited.
It would be very easy to improve on this design.

CONCLUSION:
Our research into this project has been comprehensive. It not only highlighted the positive and negative aspects to this project, it highlighted important factors and issues that would make the difference between a financial flop and a commercial success.

Whilst we feel that conceptually this idea is commercial and has the potential to make a big splash in the market, we do believe this project has someway to go before it is truly commercial.
There are a number of commercial and technical issues that need to be addressed with this project.

SUMMARY
This is a good idea with commercial potential. If developed and positioned correctly there is no good reason why a product like this would not be embraced by retailers, industry and consumers.
Many people will connect with this product. The concept has growth potential and it has the potential to grow and develop out. There is also the opportunity to sell a range of products.
If priced correctly impressive returns would be possible through high volume sales.

 

 

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