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.