The business idea selected for this project portfolio is in the electrical industry for the sale of a multi-functional, extension socket. In the current era, the electrical market has diversified significantly, making the extension socket market an extremely big market with the development of technology. The key reason of this growth is not only the development of technology, but also the increased need for extension socket among customers all across the globe. There is huge competition in the business with different categories of extension sockets. However, the function and design of these extension sockets deal with some problem or the other, such as interference of plugs. Also, there cannot be a use of big head plug in the current extension sockets available in the market, as there is lack of sufficient space. There is quiet inconvenience for customers in charging much equipment, while using different categories of plugs. When such a situation is faced by the customer, they tend to purchase an addition extension socket for utility purpose that further results in wastage of money and efforts for the customers. On the other hand, the safety and quality of tradition extension socket turns out to be dangerous and bad and hence, the discussion on innovative extension socket will help in solving the problems. The biggest target market identified for this business is China.
In the current era, new office appliances and home appliances have been established for communicating with the users by the use of internet, remote based monitoring, and remote based controlling. However, the sales and developments of these new appliances have been developing and evolving, there has been an increased need for useful functions. Only with a matter of time, the new functions are added to the outlet, which means multi- functional adapter of electrical power socket plug. The overall market has started to become highly technological.