Marketing Question: Introducing the New Product

Topics: Pricing, Marketing, Credit card Pages: 4 (1357 words) Published: January 27, 2014
New Product Paper
Marketing 310-J

What is the product name? Describe the product.
The product’s name is “Any-Access Card”. The card is built with a special tiny chip in it. Each chip has a special code, thus each card is different. The basic function of the card is people’s identity and a photo is required on the card. You could enter all your personal information into the system and it could be your driver’s license and passport. Also, it could be used as credit card, debit card and VIP card if the company enters all the necessary information into the system. It is also important that you need to have Internet access to check your activities with the card. Identify and explain which market segmentation variable you are using.

I use Demographic Segmentation and Benefit Segmentation. The Demographic Segmentation would divide the customers into different groups based on gender, age, income, education level, and so on. Benefit Segmentation divide the customers based on benefits that the customers wish to get. Why did you choose this method of customer segmentation? Be specific.

I use the Demographic Segmentation to see whether the customers have access to the Internet and their potential consuming power of varieties of different services and products. For example, we need to know whether the customers go shopping a lot and travelling a lot. Because we want to know the frequency that the customers would use the card. I use the Benefit Segmentation because I want know whether the customers would prefer convenient buying process, identity checking process and whether they want to use just one card instead of carrying a lot of cards every time they go out. 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...
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