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.
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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.