new product paper 2121

Jul 9th, 2014
Business Finance
Price: $30 USD

Question description

New Product Paper

Set a price for a new to the world consumer (this means a product that is not on the market) product.  Identify a new product you think could be successful on the market and set an introductory price for it.   Use the following questions to structure your written analysis.  

Question a: What is the product name?  Describe the product.  2 pts.

Answer a: Include your information here.

Question b: Identifyand explain which market segmentation variable you are using.  5 pts.

Answer b: Include your information here.

Question c: Why did you choose this method of customer segmentation?  Be specific.  4 pts. 

Answer c: Include your information here.

Question d: Who is the target market?  Be specific. Use demographics, psychographics

(lifestyle), etc to identify your customer. It is important to identify the characteristics of your target market--whatever is appropriate. Most marketers are able to specifically describe their target customer.  For example, a 35-45 year old white collar male who lives in the suburbs with a wife and 1 child and makes $85,000 per year.  When reading the explanation of the target market, one should be able to draw a picture in their mind of your customer. 10pts.

Answer d: Include your information here.  Please note the necessity for detail and specificity.

Question e: What are your product’s benefits to the target market?  2 pts.

Answer e: Include your information here.

Question f: At what price will your product be introduced?  Why?    4 pts

Answer f: Include your information here.

Question g: What new product pricing strategy are you using?  Why?  5 pts.

Answer g: Include your information here.

Question h: What objectives will be accomplished by using this strategy?  Be specific.  5 pts.

Answer h: Include your information here.

Question i: Why is the product worth this price?  2 pts.

Answer i: Include your information here.

Question j: Identify and explain what prices you should charge at each stage of the PLC? 12 pts. 

Answer j: Include your information here.

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