Reading #3 (5:1 ratio, patent, packaging and name)

            One main idea that I learned was that a product needs to have a 5:1 ratio. This means that for whatever price you can produce your product for your should have a retail price of approximately 5 times higher than the manufacturing price. This is because there are many payments other than just the production of the product such as the facilities and employees.

I also learned that a patent has very specific law coverage and that they are extremely complicated to have passed. If you do get a patent passed it is good for 20 years. Three points when producing a product are know as extremely important. These include: Overt Benefit, Reason to Believe, Dramatic Difference. Now personally the DD or Differentiating difference is what I believe to be the most important thing when creating a new product. This is because it is the reason to believe why people would choose your product over other products that may already exist. 

            Also through this reading it talks a lot about the name and packaging. Packaging is more than just the box that a product may come it. It is a main advertising and marketing pieces that many may possibly over look. I also have begun to think more about names of my product. The chapter talks about how the name should both be easy to say for the common house hold as well as having the name almost tells what the invention is but also leaves the consumer with an edge to learn more about it.