Loren Has Invented a New Product That Detects Water Leakages

question 43

Essay

Loren has invented a new product that detects water leakages due to broken pipes and sends out an alarm similar to a smoke alarm.However,Loren has very little personal money to invest in this new product.He finally raised enough money to enter the market and began to experience some success.The product was not patentable because it was too similar to other existing technologies.Major corporations saw his success and have now entered the market with competing products.What will be the probable destiny of Loren's company?

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Definitions:

Performance Gap

The difference between the actual performance of an organization and its desired or planned performance, often used to identify areas for improvement.

Best Practice

A method or technique that has been generally accepted as superior to any alternatives because it produces results that are superior to those achieved by other means.

Performance Target

A specific goal assigned to a business, department, team, or individual, usually quantifiable, that aims to achieve a defined standard of performance.

Critical Success Factors

Essential elements or conditions that must be met for a project, venture, or business to achieve its objectives.