Principles of Marketing
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.
a. What is the product name? Describe the product.
The name of my product will be H2O run vehicle. The product is a vehicle, car or truck that uses water and electric to run it and do not use any fossil fuel. The car would not “technically” be running on the water but the HHO gas which is what the H2O would be change to for this to work. This vehicle would be an electric/water hybrid. The way it works is water which is H2O (hydrogen and oxygen), but when you separate the elements and use the hydrogen, it can be used like gasoline. When it is put in the sparkplugs you get an explosion in the piston and this is what runs a vehicle.
b. Identify and explain which market segmentation variable you are using. The European countries are the areas that I would target first, and this because it would have to be a small to midsize vehicle. I would also include the Middle Class in the US. They seem to be more able to change with the price of gas and adapt and go smaller, carpool or take public transportation.
c. Why did you choose this method of customer segmentation? Be specific. This group seems to be the most impacted by the price of gas and would benefit the most from this vehicle to the market. Also it would impact the community in which if you look at the class of people that care the most for the environment it would be the middle class.
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...