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Secondary Market Research to Support a New Product Innovation

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Secondary Market Research to Support a New Product Innovation

The Product

The Energy Bar is a mountable wall unit for households that enables them to track their energy usage by providing numbers for electric, heat, and water consumption.

The Energy Bar provides a visual to let you know how much you are using, how much you should be using, and how much you could be saving!

It also compares your usage for the current month to that of the month prior to help homeowners improve the energy efficiency of their homes, while also saving money.

As you see the numbers go up and down, you will intuitively know where you can reduce your consumption and utilities costs, and act on it immediately. Place it near your alarm system and it becomes easy to check before you, and the rest of your family, leave the house. This way, no unnecessary lights will be left on, heat will be kept to a minimum when you are away from the home, and no faucets will be left running by accident.

This unique device addresses the energy shortages and water management problems that we should all be concerned about.

Install an Energy Bar to ensure your future and your wallet!

The Evidence

In a poll conducted by Ipsos for Procter and Gamble, respondents chose “saving money” (64%) and “preserving resources” (56%) as the most important reasons for taking environmentally-friendly measures. When reporting the reasons that prevented people from leading a more environmentally-friendly lifestyle, 37% selected “not having enough information” (Franco, 2010).

Historic | | | | | | | North America | Consumer Expenditure on: | 2006 | 2007 | 2008 | 2009 | 2010 | US$/ Household | Water and Miscellaneous Domestic Services | 577 | 603 | 630 | 641 | 680 | US$/ Household | Electricity, Gas, Other Fuels | 1,934 | 2,010 | 2,138 | 1,975 | 2,077 | US$/ Household | Heat Energy | 2.5 | 3.1 | 4.0 | 3.5 | 4.0 |
(Euromonitor International, 2011)

Note. Adapted from Countries and Consumers, by Euromonitor International, January 2011, retrieved from http://www.euromonitor.com/
Copyright by Euromonitor International.

Consumption by Households: Electricity Country | Year | Unit | Quantity (in millions) | Canada | 2007 | Kilowatt-hours | 154,740 | Canada | 2006 | Kilowatt-hours | 148,531 | Canada | 2005 | Kilowatt-hours | 150,986 | United States | 2007 | Kilowatt-hours | 1,392,241 | United States | 2006 | Kilowatt-hours | 1,351,520 | United States | 2005 | Kilowatt-hours | 1,359,227 |

Individual Consumption Expenditure of Households:
Housing, water, electricity, gas, and other Country | Year | Currency | Value | Canada | 2008 | CAD | $201,754,000,000 | Canada | 2007 | CAD | $189,680,000,000 | Canada | 2006 | CAD | $178,449,000,000 | Canada | 2005 | CAD | $170,054,000,000 | United States | 2008 | US | $1,870,300,000,000 | United States | 2007 | US | $1,787,200,000,000 | United States | 2006 | US | $1,708,200,000,000 | United States | 2005 | US | $1,603,900,000,000 |

Note. Adapted from Individual consumption expenditure of households, NPISHs, and general government at current prices, by the National Accounts Official Country Data, November 19, 2010, retrieved from http://unstats.un.org
Copyright 2011 by the United Nations Statistics Division

The Relevance

The Ipsos poll revealed that people believe want to act in an environmentally-conscious way to save money and resources. It also found that the biggest limitation to acting in such a way is a lack of information. The Energy Bar displays information in a way that is easy to understand and act on.
Future home buyers (college grads), households with children, and those aged 18-34 (already owning a home) were found to be the best target segment for the Energy Bar. It assists those who want to take action save money, preserve resources, and teach their children about the importance of resource conservation.
The Passport data demonstrates how electric, gas, heat, and water expenses are increasing every year. Heating expenses rose 60% in 5 years despite global warming! This proves a definite need for our product in that it will help to reduce household expenses.
UNdata displays electricity consumption growth in the United States and Canada, as well as household expenditures for housing, water, electricity, and gas, which grew 16.6% in the United States and 18.6% in Canada from 2005-2008. The Energy Bar monitors the amount and the cost of a households’ resource consumption, encourages households to consume less resources.

References
Euromonitor International. (January 2011). Countries and Consumers. Retrieved from http://www.euromonitor.com/
Franco, J. (2010, March 15). Saving money and preserving resources top reasons for reducing waste, saving energy, and saving water. Retrieved from: http://www.ipsos-na.com

National Accounts Official Country Data. (2010, Nov. 19). Individual consumption expenditure of households, NPISHs, and general government at current prices. Retrieved from http://unstats.un.org

(Euromonitor International, 2011)

(National Accounts Official Country Data, 2010)

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