Entrepreneurship

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PRODUCT AND INDUSTRY BACKGROUND
Nature of the product and consumer buying behavior
The new product that is being focus for marketing is the MP3 watch with the brand named QUEEN. The idea for developing the new product is actually come from the nature idea of wristwatch. Today, the most common type of watch is the wristwatch. The situation of the watch industry is developing in a fast and advance level. Numbers of function is already being added into the watch. Those functions includes an alarm with an accelerometer inside it that monitors the user 's sleep and rings during one of his almost-awake phases. Besides that, a number of functionalities which is not directly related to time have also been inserted into watches. As miniaturized electronics became cheaper, watches have been developed containing calculators, video games, digital cameras, and key drives and GPS receivers. Despite of that, the idea of generating the watch by focusing on the MP3 function has been produced. Benefits of the MP3 watch can be gain though its characteristics. It includes advance MP3 player technology and also memory storage portability that is available up to 1GB for both the MP3 and USB usage. It is also very easy to store, transfer and recall files, documents, and programs. The files can then be easily transferred from the MP3 watch with the USB usage directly to any personal computer for editing and storage. Besides that, the battery of the MP3 watch can also be rechargeable.
There are four types of consumer products all together. It includes the convenience products, shopping products, speciality products and also unsought products. A convenience product is a relatively inexpensive item that merits little shopping effort. While for shopping products, it requires comparison shopping because it is usually more expensive than a convenience product and found in fewer stores. Whereby, a speciality product is a particular item that consumers search extensively for and are very



References: Campling,J., Poole, D., Wiesner, R. and Schermerhorn Jr. (2006), Management 2nd Asia-Pacific Edition. Australia: john Wiley & Sons Australia, Inc. Hisrich, R.D Jane.Summers, Michael gardiner, Charles W.Lamb, Joseph F.Hair & Carl McDaniel. (2005) Essentials of Marketing (2nd ed.). Australia. Thomson. Answers.com- http://www.answers.com/entrepreneur (2 March 2007) Casio Worldwide – http://world.casio.com/ir/library/annual/2005.html (3 March 2007) Citizens Annual Report 2005 -2006 - http://www.citizensadvice.org.uk/index/publications/annualreportarchive/citizens_advice_annual_report_and_accounts_2005_2006.htm (3 March 2007) Product Life Cycle Management - http://en.wikipedia.org/wiki/Product_Life_Cycle_Management (2 March 2007) SWOT Analysis - http://marketingteacher.com/Lessons/lesson_swot.htm (2 March 2007) http://web.utk.edu/~barnaby/CH06/sld012.htm. (2 March 2007) APPENDIX

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