Consider the smart pen product shown in Figure 1.
Figure 1. Livescribe 2GB Pulse Smart Pen.
The product description from the manufacturer is presented below. Capture Everything
The Pulse smart pen records audio and links it what you write. Missed something? Tap on your notes or drawings with the tip of your Pulse smart pen to hear what was said while you were writing. No Need to Lug the Laptop
The Pulse smart pen automatically captures everything as you write and draw. Transfer your notes to your computer, organize them, and even search for words within your notes. Find what you want in seconds. Share Your Notes
Transform your notes and audio into interactive movies. Upload your creations online for everyone to see, hear and play. From the product information on the web and the manufacturer’s description, describe the target market for the smart pen. Begin with the five different characteristics of a target market. 1. Demographics – The product information repeatedly reference notes, therefore the bulk of the customers may be traditional age college students, say 16 to 22 years old. Since the pen’s price is around $150 dollars and the product requires a computer, the students must have access to significant resources. Therefore we can assume that they are from the upper middle class and probably from a family that not only values education but the adults in the family have college educations. Since the head of the family are college educated the family income is probably greater than $75,000 per year. 2. Geography – Even though the product is not particularly suited to a climate or location, it is does require a infrastructure that supports the use of computers and other high tech devices. Therefore you would not expect to sell many of the pens in developing countries like Nicaragua. 3. Lifestyles – The majority of the users of the pen will be busy, serious and tech savvy students. These...