Launch of the Tap ‘n Tap digital device
Your task will be to introduce a new product onto the market. The Tap’n Tap digital device can be used as a prototype. However, you may make-up your own product.
The first task is to define the core product, actual product and augmented product. What benefits will the owner have when using the product? After you have defined the product you will need to define the population, and their characteristics. These cannot be found on the Internet, you will have to have a brain storming session to figure out who you think would be interested in the product.
The segmentation strategy that you will be using is VALS . If you haven’t taken the VALS survey to determine which segment you belong to, please do so by visiting their website:
Make yourself familiar with all the potential segments and visit the other pages to understand how you can use the segmentation plan to introduce a new product into the market.
In the Global VALS, you can buy the segmentation information by postcode. In addition to the number of consumers (> 18 years old), you can also buy the average annual amount spent per consumer in each segment for home electronics products.
At the website below, you can see the breakdown by geographical area.
The product launce will take place in California. In the attached Excel file, you will find the data you will need. Use this data to determine which market segment would be most receptive to your product.
The next step is to bring your product into alignment with the characteristics of the segment – and the market. To so do this you will need to position your product. First decide which product characteristics, both tangible and intangible, possible buying motivations you will focus on when positioning the product. (See Kotler pages 222-223)
Construct at least...
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